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Dollar Nears 3-Year Low

Set for biggest weekly plunge since January

By Matt Cantor, Newser Staff

Posted Apr 29, 2011 4:45 AM CDT

(Newser) – The dollar’s value today remained near its lowest in three years against multiple currencies, and it’s set for its largest weekly drop since January, Reuters reports. The figures follow the Federal Reserve’s suggestion that it had no immediate plans to tighten its monetary policy, prompting a big sell-off of the dollar. With the dollar index down 0.1%, the euro held close to a 17-month high reached yesterday; it’s poised to break $1.50. The Australian dollar, meanwhile, is near its highest value in 29 years against the US dollar.

Traders work on the floor of the New York Stock Exchange. (AP Photo)

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COMMENTS

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Showing 3 of 5 comments

Altoecko

Apr 29, 2011 2:16 PM CDT

At least our exports will go up.

SC23

Apr 29, 2011 9:58 AM CDT

This is a two sided sword.. a lower dollar means it is cheaper to import US products.. the down side is that we import most everything..so we pay more. The real problem is that I see $4.00 gas and $2.00 loaves of bread..which has less to do with the dollar on the market and more to do with real inflation.. the kind that costs me more every time I try to buy ANYTHING. We have the Fed and the current admin continuing past admins stupid policies for both inflation and the dollar in the toilet.

Nixon

Apr 29, 2011 9:00 AM CDT

This is what happens when the Federal Reserve devalues the dollar though QE. The US is lucky it owns the world reserve currency otherwise massive inflation would occur.

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Dollar Nears 3-Year Low

Set for biggest weekly plunge since January

OTHER STORIES ON OUR RADAR

currency • currency exchange • euro • US dollar • weak dollar • Australian dollar • monetary policy

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