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FRIDAY, NOVEMBER 27, 2009
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Dollar Plummets to 15-year Low

Job loss data fuels panic about US economy

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(Newser) – Panic over the state of the US economy pushed the dollar to a 15-year low against major currencies yesterday. The drop came on larger-than-expected July payroll declines, data one analyst called “simply horrific.” Many fear that the credit crunch will drive down consumer spending, igniting a recession. Investors accordingly increased bets that the Fed will drop rates, Reuters reports.

The yen was the big winner against the dollar, at one point up 2%, while the euro rose 0.5%. Initially the credit crisis had been good news for US currency, as investors turned to cash and bonds over riskier investments. But scarce liquidity and disappointing housing and unemployment figures spelled trouble for the greenback this week

Passers-by walk past an electronic stock indicator Friday, Aug. 31, 2007, in Tokyo. Japanese stocks rose Friday as exporters rallied on the yen's weakness against the dollar and banks climbed on news that the U.S. government was working on a policy to ease subprime woes. Japan's benchmark Nikkei 225...
Passers-by walk past an electronic stock indicator Friday, Aug. 31, 2007, in Tokyo. Japanese stocks rose Friday as exporters rallied on the yen's weakness against the dollar and banks climbed on news...   (Associated Press)
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PAUL KRUGMAN

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ANALYSIS

Count the US Dollar Down, But Not Out

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Oct 23, 09 4:25 PM CDT
(Newser) - With the US economy in a prolonged slump and the Fed likely to keep interest rates low for the foreseeable future, many worry that a dollar crash will be the next shoe to drop. Currency pessimists can point to a 6-month decline in the dollar; this week the currency hit... More »

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 Euro Cracks $1.50, 
 Dollar Hits New Lows 


Investors shun low-yielding greenback for riskier currencies

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(Newser) - The dollar fell below the $1.50 threshold against the euro yesterday for the first time in 14 months, as investors with renewed appetites for risk continue to abandon the greenback. The dollar is at its lowest level against six other currencies in more than a year, and foreign exchange... More »

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Related Links

Treasuries remain up
Bloomberg

Recession talk heating up
TheStreet

Dropping dollar means gold is rising
TheStreet

Canadian dollar down too
Reuters


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