Dollar Down Against Sterling Despite Afternoon Rally, Wednesday, May 09, 2007 3:57:51 PM

The dollar lost ground to the sterling on Wednesday in New York, but made up a good amount of its losses in the afternoon. The greenback saw little movement during the early morning, but around 5 am Eastern Time, the buck began to slip. The dollar saw its largest drop at 8 am Eastern Time and reached a weekly low of 1.9995 at 9:30 a.m. The dollar climbed slowly from there and then shot up at around 2 p.m. after the Federal Reserve announced the interest rates will remain at 5.25%. Trading was level from about 3 p.m. on, and the pair was at 1.9932 at around 4 p.m. ET.

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