The Euro fell to a one-month low against the Dollar on Monday after the European Central Bank pumped cash into the banking system for a third straight day to soothe a market rattled by US sub-prime mortgage market problems.
The Federal Reserve's injected $2 billion into money markets on Monday, a big reduction from the $38 billion it pumped into the market on Friday, signifying the possibility that US credit concerns had calmed.
US rate futures are pricing a 75% chance of an emergency inter-meeting rate cut by the Federal Open Market Committee this month. Earlier on Monday, an inter-meeting August rate cut was fully priced after ending Friday at about a 33% chance.
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