Dollar falls to 14- month euro low

The dollar hit a 14- month low against the euro Thursday on fears
that US interest rates would remain super-low for a long time and as
a stock market rally sparked appetite for riskier assets, traders
said. At 0615 GMT, the European single currency reached 1.4968
dollars, the highest level since August 2008. The euro later pulled
back to 1. 4935 , up from 1.4922 dollars late in New York on
Wednesday. Against the Japanese currency, the dollar firmed to 89.65
yen from 89.40 yen on Wednesday. Minutes from the US Federal
Reserve's most recent interest rate meeting indicated that US
borrowing costs would likely remain low for some considerable time,
according to analysts. Minutes from the September 22-23 meeting
published on Wednesday showed Fed officials see a recovery underway
from recession but one "restrained" by high unemployment and difficult
credit. "The US dollar remains flat on its back and has all the
hallmarks of a patient ready for open heart surgery," said MF Global
analyst Manus Cranny.