The Recession And America as a whole
- Thread starter BayBoy92510
- Start date
Dollar at 13-mth high vs euro
http://www.dailytimes.com.pk/default.asp?page=2008\10\07\story_7-10-2008_pg5_21
Tuesday, October 07, 2008
NEW YORK: The US dollar jumped to a 13-month high against the euro on Monday, while the yen rallied across the board as fears over bank problems in Europe deepened and investors cut risk exposure.
Sentiment worsened sharply against the euro after leaders of Europe’s four biggest economies decided against a coordinated bailout plan at a weekend summit. In early trading in New York, the euro was down 1.4 percent at $1.3577 after sliding to its lowest since late August 2007 at $1.3542, according to Reuters data.
Against the yen, the euro was down 3.6 percent at 139.88 yen, after falling to 139.82 earlier — a 2-1/2-year low. The dollar was also helped by strong dollar demand as global money markets remain frozen, analysts said.
The ICE Futures US dollar index, which tracks the greenback against a basket of six major currencies, rose 0.5 percent to 81.305. It earlier rose to 81.436, a 13-month high.
The yen soared across the board as more worries about the troubles plaguing the global financial system prompted heavy selling of riskier positions in carry trades and stocks. The dollar was down more than two percent to 103.03 yen. Earlier, it fell to a low of 102.86, the lowest in about 4-1/2 months.
The Australian dollar plunged more than five percent percent against the yen at one point to a four-year low as investors were forced to dump long-standing carry trades favouring higher-yielding currencies. reuters
http://www.dailytimes.com.pk/default.asp?page=2008\10\07\story_7-10-2008_pg5_21
Tuesday, October 07, 2008
NEW YORK: The US dollar jumped to a 13-month high against the euro on Monday, while the yen rallied across the board as fears over bank problems in Europe deepened and investors cut risk exposure.
Sentiment worsened sharply against the euro after leaders of Europe’s four biggest economies decided against a coordinated bailout plan at a weekend summit. In early trading in New York, the euro was down 1.4 percent at $1.3577 after sliding to its lowest since late August 2007 at $1.3542, according to Reuters data.
Against the yen, the euro was down 3.6 percent at 139.88 yen, after falling to 139.82 earlier — a 2-1/2-year low. The dollar was also helped by strong dollar demand as global money markets remain frozen, analysts said.
The ICE Futures US dollar index, which tracks the greenback against a basket of six major currencies, rose 0.5 percent to 81.305. It earlier rose to 81.436, a 13-month high.
The yen soared across the board as more worries about the troubles plaguing the global financial system prompted heavy selling of riskier positions in carry trades and stocks. The dollar was down more than two percent to 103.03 yen. Earlier, it fell to a low of 102.86, the lowest in about 4-1/2 months.
The Australian dollar plunged more than five percent percent against the yen at one point to a four-year low as investors were forced to dump long-standing carry trades favouring higher-yielding currencies. reuters
No it is not.
Of course the dollar is going down when we are lowering interest rates and simultenously turning on our printing presses.
Just because the value of dollar is decreasing compared to the selective currencies of the US Dollar Index (euro, yen, pound, canadian dollar, krona, frank) does not by any means indicate that the rest of the world is flourishing.