Dollar routed again as war looms

On Thursday (January 17) United Nations weapons inspectors claimed to have found warheads designed to carry chemical weapons, while on Friday, Iraqi president Saddam Hussein used a televised speech to label Western forces "crows of evil" and the "Mongols of our age". He also vowed to defeat US troops "at the gates of Baghdad".

The dollar slumped to its lowest level since October 1999 against the euro at $1.0628 in early European trading on Friday, while the British pound also made a three-yea