USD Falls, Hurt By GSEs, Stocks, Oil

The dollar fell substantially against the euro and yen Friday, hit by mounting worries over mortgage giants Fannie Mae and Freddie Mac. US officials, including President Bush, made reassuring statements, but there was no indication of imminent plans for nationalization of the government sponsored enterprises. A plunge in US stocks and fresh highs for intraday crude prices also weighed on the greenback. Friday afternoon in New York, the euro was at $1.5888 from $1.5784 late Thursday. The dollar was at Y106.34 from Y107.05, while the euro was at Y168.96 from Y169.00, according to EBS. The U.K. pound was at $1.9882 from $1.9774, and the dollar was at CHF1.0174 from CHF1.0274 late Thursday.