"That's my view. They'll cut preemptively in June. That is to say Wednesday," says the Grant's Interest Rate Observer newsletter editor.Economyread more
It's about time to write off high-growth tech stocks, Goldman Sachs warned, saying the double whammy of sky-high valuation and elevated regulation is becoming a "hazard" to...Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Sotheby's announced Monday that it's signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Ross played down the prospect of an agreement being reached at the G-20 meeting in Osaka on June 28-29.Paris Airshowread more
Boeing said the airline industry will need 44,040 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Google CEO Sundar Pichai said in a CNN interview that while the company will work to remove as much harmful content as possible, the company can't remove 100% of it.Technologyread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
The pizza chain's robo delivery program could add to store owners' options during peak times.Restaurantsread more
Amazon responded this morning to Democratic Congresswoman Alexandria Ocasio-Cortez's claim that it pays warehouse workers "starvation wages" in a tweet that says it pays...Technologyread more
The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
The euro hit a 12-year low against the dollar on Tuesday after falling below $1.07 as the European Central Bank continued its quantitative easing program and as expectations of a U.S. Federal Reserve rates hike grew.
The dollar index, which measures the greenback against a basket of major currencies, hit its highest since September 2003 when it hit 98.64. The euro fell to $1.0695, its lowest level in 12 years.The euro also hit 129.49 yen, its lowest level against the yen since 2013.
"We're seeing a generally hawkish tone out of the Fed," said Chris Gaffney, president of EverBank World Markets in St. Louis.
"There is a real desire from the Fed to just start the process, to get rates off zero," he said.
He cited Dallas Fed president Richard Fisher's comments late Monday that the Fed should promptly end its easy monetary policy and press ahead with an interest rate hike, in addition to last week's strong February U.S. jobs report.
The launch of European Central Bank quantitative easing on Monday drove European yields lower and weakened the euro.
Earlier, the dollar hit 122.040 yen, its strongest level since July 2007. The greenback also hit 0.9988 franc, its highest since the Swiss National Bank scrapped a 1.20 francs per euro cap on Jan. 15.
Renewed concerns about Greece's finances also weighed on the euro. Euro zone ministers warned Greece on Monday that it had "no time to lose" in securing further funding.
"Greece is thoroughly unresolved," said Richard Franulovich, a senior currency strategist at Westpac in New York.
The dollar pared gains against the euro and erased gains on the day against the yen, however, after Bloomberg reported on Twitter that White House Council of Economic Advisers Chairman Jason Furman said the surging dollar is a headwind for U.S. growth.
The euro was last down about 1.30 percent at $1.0699 against the greenback. The dollar also was last down 0.29 percent against the yen at 121.09 and was last up 1.25 percent against the Swiss franc at 0.9987 franc.
The dollar index was last up 1 percent percent at 98.60.
The British pound also hit a seven-year high against the euro on Tuesday after the euro zone currency breached 71 pence for the first time since 2007.