Nasty Letters To Crooked Politicians

As we enter a new era of politics, we hope to see that Obama has the courage to fight the policies that Progressives hate. Will he have the fortitude to turn the economic future of America to help the working man? Or will he turn out to be just a pawn of big money, as he seems to be right now.

Wednesday, December 29, 2004

Chimp_junta: Clearing Brush While the Dollar Goes To Hell

Dollar hits new low versus euro
The US dollar has continued its record-breaking slide and has tumbled to a new low against the euro.

Investors are betting that the European Central Bank (ECB) will not do anything to weaken the euro, while the US is thought to favour a declining dollar. (<---Oh, REALLLLLLLLLY?!?!?)

The US is struggling with a ballooning trade deficit and analysts said one of the easiest ways to fund it was by allowing a depreciation of the dollar.

They have predicted that the dollar is likely to fall even further.

Sharp weakening

The US currency was trading at $1.364 per euro at 1800 GMT on Monday. This compares with $1.354 to the euro in late trading in New York on Friday, which was then a record low.

The dollar has weakened sharply since September when it traded about $1.20 against the euro.

It has lost 7% this year, while against the Japanese yen it is down 3.2%.

Traders said that thin trading levels had amplified Monday's move. "It's not going to take much to push [the dollar] one way or the other," said Grant Wilson of Mellon Bank.


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