Dollar in Late Dive in Europe
The dollar fell sharply in late trading in Europe today as traders reacted to a flurry of rumors on the Middle East war.
Gold prices were steady after Thursday’s meltdown.
A BBC report that the family of Iraqi President Saddam Hussein, as well as senior government officials, had fled Iraq sent the dollar down more than a pfennig against the German mark and nearly 2 cents against the British pound.
Traders read the news as a sign the Persian Gulf conflict might be nearing its end.
The dollar, seen as a safe haven, tends to rise during international turmoil.
The drop illustrated how sensitive the markets are to any Mideast developments.
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