Euro breaches $1.40 against the dollar for the first time

LONDON (MarketWatch) -- The euro rose over $1.40 for the first time ever and sterling traded over $2 against the greenback on Thursday morning. A report in the Daily Telegraph newspaper noted that that Saudi Arabia has refused to cut interest rates in tandem with the U.S. Federal Reserve for the first time, which it said suggests the kingdom is preparing to break the dollar currency peg. This move "risks setting off a stampede out of the dollar across the Middle East" the report said. Recently, the euro rose 0.4% at $1.4025 and sterling traded up 0.1% at $2.0029.

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[Baldur Fjölnisson, 20.9.2007 kl. 13:47]

Gold for December delivery advanced $11.40, or 1.6%, at $740.90 an ounce on the New York Mercantile Exchange.  Watch a video interview on gold."Fueled by a break in the euro to just above the $1.40 mark for the first time ever, the gold market took off like a Pamplona bull," said Jon Nadler, analyst at Kitco Bullion Dealers, in a research note.Marketwatch.com