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Turbulence in the European Economy Sparks a Dollar Rally
The U.S. greenback surged Friday, capping off the biggest weekly dollar rally in three and a half years, as the euro slumped on speculation the European economy would continue to weaken.
The euro fell as low as $1.5008 Friday afternoon, dropping more than 2% from $1.5325 Thursday – the biggest one-day drop since Sept. 6, 2000. Against the yen, the European currency traded at 165.84, from 167.70. In the dollar rally, the euro has declined 3.1% against the greenback in its fourth weekly decline.
In addition to rising against the euro, the greenback climbed 0.5% to 109.97 yen after touching 110.08, the…
11Aug2008 | Money Morning | Comments Off | ContinuedThe Fed’s “Strong Dollar Policy†Actually Isn’t so Strong
Ever since Robert Rubin began the tradition in the mid-1990s, it has been a significant element of the U.S. treasury secretary’s job to continuously state that a strong dollar is in the national interest. It is widely regarded that such utterances, if repeated often enough, can constitute the sum total of what is still laughingly known as the nation’s “strong dollar policy.â€
Over the past two generations, the American government has launched many failed “campaigns.†To list just a few, there has been the “War on Drugs,†the “War on Poverty,†and the continued attempts to improve education. But the…
11Jun2008 | Money Morning | Comments Off | Continued
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