By Aaron Siegel
October 19, 2007
The value of the dollar edged up from its near-record low against the euro, while crude oil traded past the $90 mark on the New York Mercantile Exchange for the first time.
The value of the euro traded at $1.4294 yesterday. It has since fallen to $1.426 in trading today.
“I think that the dollar has weakened too much as a result of last month’s cut in the federal funds rate,” said Leo Kamp, managing director and chief investment economist in the asset management at TIAA-CREF Asset Management in New York.
“It is still consistent with my view that there is pressure on the dollar due to our account deficit.”
Crude oil delivery for November rose to $90.07 a barrel in after-hours electronic trading on the New York Mercantile Exchange yesterday.
The contract traded down 94 cents to $88.53.
Oil should hit the $100 mark by the end of this year or in early 2008, predicts Martin Weiss, editor of moneyandmarkets.com based Jupiter, Fla.
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