NOVEMBER 4, 2011Expert: Dollar Looks Even Shakier Than the EuroSay what? With everything going on with the Greek debt crisis, how could the US Dollar actually be on shakier ground than the Euro?For “risk-on, risk-off”, you could read “referendum-on, referendum-off“ on Thursday. Yet, for all the turmoil in the eurozone – and an unexpected interest rate cut by the European Central Bank – it is actually the US dollar, rather then the euro, that looks the more vulnerable of the two currencies.With both the ECB and the Federal Reserve looking to extend support for the US and European economies amid growing fears about another slide into recession, strategists say the prospect of further monetary easing by the Fed in the new year would weigh heavily on the dollar.Though the US currency has rebounded from its lows in August, helped in part by Japanese action to weaken the yen and the Swiss National Bank trying to forestall further appreciation of the franc, it remains a laggard in terms of its performance this year.“We have frequently described the foreign exchange markets as an ugly parade and the US dollar has by no means relinquished its title,” says Neil Mellor, currency strategist at BNY Mellon.
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