Dollar hits fresh record low against euro

Source: AFP

Dollar hits fresh record low against euro

23/11/2007 03h25

SINGAPORE (AFP) - The dollar hit a new record low against the euro on Friday in a market worried over lower forecasts for US growth, dealers said. Europe's single currency struck a new record peak of 1.4922 dollars in morning Asian trade, up from the previous record of 1.4875 reached Thursday. The unit was created in 1999.

In late New York trades on Wednesday the euro was at 1.4854 before US markets closed for the Thanksgiving holiday on Thursday. "Obviously it's under pressure at the moment," Callum Henderson, head of forex strategy at Standard Chartered, said of the greenback.

The dollar fell to 108.03 yen, from 108.38. "Dollar-yen is also lower on the back of everything else," Henderson said.

Markets have been digesting Tuesday's downbeat US growth forecasts from the Federal Reserve. The economic expectations have weighed heavily on the dollar, despite the Fed's insisting it has no plans to cut US interest rates again in the coming months.

(more at link)

Read more: http://www.afp.com/english/news/stories/071123031056.3dh0d6x7.html

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$1.49 for a Euro!!! Wow!

Funny how the Dollar started it fall right about the time Bush was sElected. Gee, I wonder if the two are related in any way?

Here's a brief from the day it hit bottom, as far as I can tell.

http://news.bbc.co.uk/2/hi/europe/993521.stm

your money is no longer good here.

how much more can you fuck up in your last miserable year? I'm sure more than we can imagine.

...Here's the template they're using:

http://www.crisispapers.org/Editorials/germany-1933.htm

There'll be a new fresh record low Monday then again Wednesday followed by another by next Friday with yet again another come middle of next week and so on and so on and so on.

Get used to it my fellow Americans -our currency is doomed. We are witnessing wholesale, worldwide rejection of the dollar.

.

This was at the BBC regarding the financial strain the falling dollar puts on Airbus.

http://news.bbc.co.uk/2/hi/business/7108146.stm


I hear very little reporting on how the falling dollar causes us to pay relatively higher price for petroleum products.

I am sure glad I set aside all that Canadian coinage that I got in my change for all these years. I ought to be in for a tidy little windfall ($5-$10 worth) and will be on "easy street" for about 3.23 minutes! :rofl:

The Dollar will sink further.

The subsequent changes may have been kick started by Iraq changing their reserves from $'s to Euros that year. The changeover cost the USA a huge bundle becuase they had to buy Euros in volume, instead of just churning out more unbacked $'s,to pay for oil via the UN oil for food program - as did everyone else who didn't already have high Euro reserves. Iraq made the changeover at loss but subsequently made a huge windfall profits as the Euro gained strength.

There are many links to the subject, here for example : http://socrates.berkeley.edu/~pdscott/iraq.html

Who said you guys wouldn't be able to compete with Chinese and Indian labour?

:sarcasm:

Salary in Euros, good schools, no stupid wars. If you learn something like French or Italian, or German, you've probably got it made.

Then maybe people will be bullish on America again. Who wants to own a share of the full faith and credit of the United States when it is led by an imbecile, a re-elected imbecile. We did this to ourselves.

it'll probably be happening for awhile.

...hit some Ice and had to be abandoned (It's thought to have sunk by now), NONE of the so-called 24/7 "news" channels had NEWS on! As a last resort, I tried Fox "news" and they had a "pretty blond girl" story on! Apparently, something new just happened in the Natalie Holloway story. :banghead: :argh:

Thanks Boosh!