Thursday, November 18, 2004


As the Dollar Falls

Looks like saying "I believe in a strong dollar" isn't good enough to change reality for currency traders. From the New York Times:
Dollar continues record declines
The dollar has continued its record-breaking slide against many of the world's major currencies, with analysts predicting it could fall further.

Comments by the US administration that it favours a strong dollar failed to stem losses as analysts say little is being done to match words with actions.
The dollar fell to a record low of $1.3059 against the euro in London trading. It also slid against the yen and hit a seven-year low against the South Korean won.

"The US dollar will remain under pressure," Merrill Lynch said in a note to investors, citing China's attempts to rein in its booming economy as a main contributing factor.

This isn't Bush's fault, of course. The dollar would be strong if those darn financial reporters would listen to Bush Administration representatives and stop taking things like our fiscal deficit, trade deficit, low true employment levels, and massive Iraq war debt out of context. But then, isn't the messenger always to blame?


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