exchange rate

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Euro Dives Below $1.30

Italian bond sale drives price south

(Newser) - The euro has dropped below the $1.30 mark for the first time since January, after a less-than-ideal Italian bond offering stoked fears over the Europe's ongoing debt woes. The currency at times sagged as low as $1.2994 in European trading, after swinging between $1.2989 and $1.... More »

Fed Fires Back at China, Germany

Soaring unemployment an 'unacceptable outcome,' says Ben Bernanke

(Newser) - Ben Bernanke offered a full-throated defense of the Fed’s recent actions in a speech in Frankfurt today, saying the $600 billion quantitative easing plan was essential to reducing joblessness. “On its current economic trajectory, the United States runs the risk of seeing millions of workers unemployed or underemployed... More »

G20 Nations Brush Off Goals by Geithner

He's proposing better guidelines on currency rates, deficits

(Newser) - G20 officials aren’t likely to accept US proposals to better monitor exchange rates along with trade deficits and surpluses, an insider tells Reuters . Timothy Geithner had hoped to set numerical targets for surpluses and deficits as well as "norms" on currency rate policy. "Right now, there is... More »

Dollar Rises, Markets Dip

World markets down as investors predict interest rate hikes

(Newser) - The dollar climbed to a three-month high today on rosier-than-expected Fed economic predictions while markets fell on expectations that central banks will soon begin to raise interest rates. The greenback gained against 15 of 16 of its most commonly traded currencies, while major European and Asian stock indices were down... More »

Euro Cracks $1.50, Dollar Hits New Lows

Investors shun low-yielding greenback for riskier currencies

(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 »

Dollar Headed for Biggest Gains Since '81: Bankers

Greenback set for 17.1% gain against euro

(Newser) - The dollar is poised for its biggest advances in 28 years, according to Deutsche Bank, which predicts a 17.1% gain against the euro by the end of the year. Other banks polled by Bloomberg are similarly bullish about the greenback, which has just endured its worst quarter since 2002.... More »

Dollar Hits 2009 Low

Credit rating fears send greenback falling against pound, euro

(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... More »

Dollar's Long Rally Likely to Stall in 2009

Recession, low interest rates will catch up with buoyant greenback

(Newser) - The once moribund dollar has soared 20% against foreign currencies since July, one of the few bright spots in a grim financial landscape. The dollar traded against the euro at $1.28 this morning, down from a high of over $1.60 this summer. But the dollar's rally is expected... More »

Dollar Soars to 1-Year High

Greenback climbs higher still after Fannie-Freddie bailout

(Newser) - The dollar rallied to a 1-year high against the world's currencies today, following Treasury's decision to seize control of Fannie Mae and Freddie Mac. After an early hiccup, the greenback advanced to $1.41 against the euro while also climbing against the yen, the pound, and the Swiss franc. While... More »

$1.50 Euro Sparks Biz Plea for Help

Pricey currency crushing competition for European industry

(Newser) - Now that its common currency is trading above the $1.50 barrier, eurozone industry is calling for action to remain competitive in global markets. BMW, which has already laid off 5,600 employees, will have to take further action in the event of a "sustained rise" of the euro,... More »

New York Loves Euros

Awash in tourists, Big Apple shops welcome stronger currency

(Newser) - Wander through the Big Apple these days and you’ll see signs like “Euros accepted!” and even “Euros Only.” The latter is a joke—dollars are accepted, as are British pounds—but many New York City merchants are more than willing to accept visitors' currency, the... More »

Big Apple Opens Arms to Euros

Stores taking foreign currency as weak dollar encourages tourists

(Newser) - The falling dollar has made the US a travel bargain, and some merchants in New York City have flung open their doors—and their tills—to the sudden influx of foreign currencies, Reuters reports. The euro, up 12% against the dollar in the past year, is particularly common. "Money... More »

Is the Worst Over for the Dollar?

Experts predict modest rise for greenback in '08

(Newser) - After a year that saw the dollar slip to record lows against the euro and its weakest position in decades, the worst might be over for the beleaguered greenback. A survey of 42 strategists by Bloomberg found nearly unanimous consensus that the dollar is set for a gain, with a... More »

Weak Dollar Draws Foreign Shoppers

International travelers arrive with fat wallets, empty suitcases

(Newser) - Foreigners are taking advantage of the weak US dollar to do their holiday shopping in the States, Time reports in a look at a double-edged trend. Even as American shoppers find the cost of imported goods soaring, international visitors are arriving in droves, and "they're mentioning the exchange rate... More »

Gulf States May Dump the Dollar

Sinking greenback fuels inflation in booming Gulf economies

(Newser) - The flagging greenback is forcing oil-rich Gulf states to consider uncoupling their currencies from the US dollar to fight runaway inflation at home and the devaluation of their own currencies, the Wall Street Journal reports. Leaders are considering everything from an outright break to revaluing their own currencies to pegging... More »

Pound Breaks $2.10 Barrier

Dollar hits 26-year low against sterling, new low against euro

(Newser) - Early trading in London has pushed the dollar to its lowest point against sterling in a quarter-century, with one pound now worth $2.10. The Telegraph writes that the dollar's continued fall was encouraged by an announcement in Beijing that the Chinese treasury will diversify its holdings of foreign exchange... More »

Loonie Catches Up to Dollar

First time Loonie equaled greenback since Nov. 1976

(Newser) - The Canadian dollar reached parity with its US counterpart for the first time in over 30 years yesterday. As recently as March 2002, $1 American bought $1.60 Canadian, but the struggling US economy and the recent interest rate cut have pulled the greenback down, while increased demand for Canadian... More »

Pound Soars Against Dollar

Sterling passes $2.02, raising hopes and filling coffers

(Newser) - The British pound climbed against the dollar today to a level not seen since June 1981, nudging past $2.02 before closing at $2.0136. The third consecutive trading session with a 26-year high came as the UK braced for a interest rate hike and the US braced for an... More »

Dollar Gets Pounded

As the pound passes $2, Brits expected to flock to U.S.

(Newser) - The British pound hit a 26-year-high against the dollar this morning, triggering inflationary fears there as it pushed past $2 for the first time since Margaret Thatcher's early reign. As  inflation figures spiked to 3.1% in March—the highest  in 10 years—the middle class got hit the hardest,... More »

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