New blow to dollar amid U.S. growth fears - International Herald Tribune

New blow to dollar amid U.S. growth fears - International Herald Tribune: "New blow to dollar amid U.S. growth fears By Carter Dougherty Published: September 20, 2007 E-Mail Article Listen to Article Printer-Friendly 3-Column Format Translate Share Article Text Size FRANKFURT: The world dumped the dollar on Thursday, pushing the greenback to an all-time low of $1.40 against the euro and to parity with the Canadian dollar for the first time in three decades as currency traders around the world digested the full implications of the U.S. Federal Reserve's new course for interest rates. The frenzied selling began early in the day in Europe, never let up, and reached across the Atlantic as traders concluded that the lower borrowing costs the Fed introduced on Tuesday would dampen the appeal of dollar-denominated assets like stocks, bonds and real estate just as other central banks are raising rates to create the opposite effect. Layered atop a weakening U.S. economy that is menaced as well by the prospect of a retreat by consumers who have driven growth for years, the dollar radiated instability as its traditional role as a refuge in times of crisis, one evident as recently as early August, appeared all but forgotten. 'It's pretty ugly right now for the dollar,' said Jim McCormick, the London-based chief of currency strategy for Lehman Brothers Intern"