National Banks Try to Bolster the Dollar

Lower interest rates overseas make the dollar a more attractive investment, so, in an attempt to bolster the dollar, you have the Bank of England cutting rates to 5.5%, the ECB, which intended to raise rates, leaving the Euro interest rate unchanged, and the Bank of Canada cutting interest rates, which is why the Canadian dollar is below parity for the first time in about a month.

It won't last. The Fed will cut rates at the next meeting, and might do it by 50 basis points (½%).