26 October 2007, 16:33  The dollar fell to fresh record lows against the euro

The dollar fell to fresh record lows against the euro and a basket of currencies on Friday as investors, faced with a run of weak U.S. economic data, braced for a Federal Reserve interest rate cut next week. U.S. crude oil hitting record highs above $92 a barrel and gold prices striking 28-year peaks also hurt the dollar, boosting the currencies of commodity-rich countries such as the Australian dollar which hit a 23-year high versus the greenback . The Aussie was also helped by expectations that the Reserve Bank of Australia will raise rates next month. In contrast, weak U.S. durables goods data on Thursday reinforced bets for a growth-boosting Fed cut on Oct. 31 from 4.75 percent. "It's still very difficult to find any supporting factors for the dollar ... Everybody is convinced that we are getting a (U.S. rate) cut of 25 basis points, and some might even speculate whether the Fed could move by 50. We had weak data just adding to that speculation yesterday," said Niels Christensen, FX strategist at Nordea in Copenhagen. "All the commodity currencies are doing very well because of commodity prices," he said.

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