Dollar slumps to record low against major currencies

February 27, 2008

Today the euro surpassed $1.50 overnight for the first time in history, and the dollar hit multi-year and in some cases, all-time lows against a number of other foreign currencies. The dollar sank to a new low against the euro after the chairman of the Federal Reserve Bank said Wednesday that the U.S. would encounter more sluggish economic activity in the coming weeks and months.