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SUNDAY, NOVEMBER 22, 2009
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Dollar Hits 2009 Low

Credit rating fears send greenback falling against pound, euro

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(Newser) – The dollar fell to its lowest level of the year today as investors grew nervous that the US could lose its triple-A credit rating, Reuters reports. The greenback declined to $1.39 against the euro and $1.58 against the pound, echoing similar drops across the world. Yesterday, Moody's said it was not changing America's AAA rating, but one foreign exchange strategist said, "It's hard to imagine a sharp reversal of the dollar's trend."

The euro rose to $1.39 today as investors grew nervous about the credit worthiness of the United States.
The euro rose to $1.39 today as investors grew nervous about the credit worthiness of the United States.   (Flickr)
Moody's said it was comfortable with its triple-A rating for the United States, but left open the possibility of a downgrade.
Moody's said it was comfortable with its triple-A rating for the United States, but left open the possibility of a downgrade.   (Flickr)
The dollar fell to its lowest point this year against a basket of major currencies.
The dollar fell to its lowest point this year against a basket of major currencies.   (Flickr)
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3 comments
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TerrifiedCitizen
May 22, 09 12:58 PM CDT
The dollar became literally worthless the minute there was no longer any gold or any other security of intrinsic value to back it up... It's been worthless for many years now; you can only 'will' something to have value for as long as you remain the bully with the biggest club... Reply
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SPH
May 22, 09 6:25 PM CDT
Your knowledge of economics is poor...The dollar, or any currency, is in it self a commodity and floats as the investors play... Backing the dollar with some absurd "Gold standard" is not only impossible but out and out foolish....If the amount of dollars is not allowed to expand with economic growth, there will be major deflation, a condition that has, and will again, destroy an economy....Fear not, the dollar, and the US economy will survive and prosper again...Think of it this way, with a devalued dollar imports are more expensive and exports are cheaper, and the trade deficit shrinks...All good for the US...
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ClearSight
May 22, 09 7:29 PM CDT
Hyperinflation here we come....... Reply
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