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NEWS ABOUT: US dollar

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 »

$134B Suitcase Could Be Huge Smuggling Scam

Italy arrests men with enough US bonds to buy a few countries

(Newser) - Last week, Italian authorities detained two Japanese men attempting to cross the border into Switzerland carrying a suitcase stuffed with $134 billion in US bonds. The men are either massive counterfeiters or—even scarier—the fourth-largest creditors of the US Treasury, with enough cash to buy three or four countries.... More »

Dow Jumps 28, Ends at 2009 High

(Newser) - Markets were mixed today, but the Dow closed at its highest end point in 2009 even as tech and material stocks pulled down other indices, the Wall Street Journal reports. The resurgent dollar cut deeply into the commodities sector. A NYSE computer malfunction also temporarily halted trading in some stocks.... More »

Oil, Transport Send Dow Up 97

(Newser) - Markets tacked on solid gains today, with the Dow and S&P 500 up for a third consecutive month, the Wall Street Journal reports. Oil was up to a 6-month-high, as were transport stocks on hopes of orders. “There are signs things are being transported,” a manager said.... 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 »

Is the US Dollar All Spent?

(Newser) - Sick of relying on the US dollar, critics around the world want it replaced as Earth's top currency, Michael Schuman writes in Time. A panel of UN economists and a top banker in China have called for a new unit—like the IMF's Special Drawing Units—to stabilize the global... More »

China's Trouble: Lots of Dollars, Little Sense

Krugman: Beijing knows it's in trouble, remains tied to old ills

(Newser) - China’s recent call for an alternative to the dollar as a reserve currency underlines how much trouble the country is in after years of stockpiling greenbacks, Paul Krugman writes in the New York Times. The Chinese, long unwilling to let the yuan float freely on foreign exchanges, are signaling... More »

China: Ditch the Dollar as World Standard

Central bank says IMF asset could be solution

(Newser) - Highlighting international anger over the sorry state of the US economy, China has called for the dollar to be dumped as the global currency standard, the Wall Street Journal reports. China’s central bank said an International Monetary Fund asset could take over the dollar’s global role, Reuters reports.... More »

Dow Off 100 as Rate Rally Dies

Stocks fall on poor earnings, more job cuts

(Newser) - Stocks turned lower as jubilation over the Fed’s rate cut yesterday died down and concerns about the slumping economy returned today, the Wall Street Journal reports. Losses by Morgan Stanley and Goldman Sachs dragged financials lower. The Dow closed down 99.80 at 8,824.34. The Nasdaq fell... More »

4 Financial Doomsday Scenarios

(Newser) - James Rickards is far more pessimistic about the economic crisis and its global implications than most of his analyst colleagues, Politico reports. But he’s also well respected by US intelligence and defense services. Here are four of his nightmare scenarios.
  • Terrorism: Al-Qaeda has long sought to disrupt the US 
... 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 »

In Rare Move, Luxury Goods Peddlers Cut Prices

Economic downturn forces 'creative' thinking

(Newser) - Facing a worldwide economic downturn, some makers of luxury goods—designer clothes, bags, shoes—are breaking with long-held tradition and trimming prices in the US, the Wall Street Journal reports. Companies such as Chanel, Versace, and Chloe are making cuts of up to 10%. Still, when image is key, purveyors... More »

Global Stock Markets Mixed After Obama Win

Asia sees credit thaw, Europe dips on weak earnings reports

(Newser) - The dollar gained ground on the euro following Barack Obama’s presidential election win, as investors sensed a glimmer of hope in the US battle to turn around its economy under a new administration. Asian markets were up as credit worries eased slightly, reports Bloomberg. But poor earnings reports sent... More »

Rate Cut Sparks Global Market Rally

Investors pour back into markets looking for bargains with cheap money

(Newser) - World markets rode the back of yesterday’s Fed rate cut to huge gains as investors began looking for bargains and flooded the exchanges with cash, reports the Guardian. Hong Kong was up 12.8%, Seoul rose 11.95%, and Tokyo saw a jump of 9.6%, its fourth largest... More »

Pound Craters After Latest Grim Stats

British currency falls to $1.56 amid recession fears

(Newser) - The British economy shrank by 0.5% last quarter, all but confirming that the UK is in its first recession since 1991, reports the Times of London. The decline is greater than expected, and this week both the prime minister and the head of the Bank of England acknowledged that... More »

Global Stocks Pounded, Dollar Hits Record Highs

Greenback soars to 5-year high against the pound

(Newser) - Stocks in Asia and Europe dove once again today, with banks leading losses as the continuing economic downturn hit corporate profits. The Nikkei in Tokyo closed down 6.8%, and London's FTSE opened down 2.3% after the Bank of England said that the country is in a recession. Meanwhile... More »

Zimbabwe Makes US Dollar Legal Tender

Inflation rate of 11M% makes local currency largely worthless

(Newser) - The government of Zimbabwe will allow consumers and shops to deal in American and South African currency as an 11 million percent inflation rate continues to pummel the nearly worthless Zimbabwean dollar. Cash remains in short supply in Zimbabwe, and on a flourishing black market a US dollar can fetch... More »

Fed Grabs Another $30B in Currency Swap

Lines set up with banks in Australia, Europe to ease credit

(Newser) - The Federal Reserve announced today that it had set up another $30 billion worth of currency swap lines—designed to put more dollars into world markets—in its latest effort to deal with the credit market. The Fed arranged two $10 billion reciprocal circuits with Australia and Sweden’s central... More »

$1T US Bailout May Crush Dollar's Rally

Plan's huge pricetag undermines confidence in the buck

(Newser) - The US plan to spend up to $700 billion on suspect mortgage-related instruments and a possible additional $400 billion to insure money market mutual funds may stabilize financial markets—but it’s just as likely to send the dollar into a dive, eroding its 3-month rally, reports Bloomberg. “The... More »

Central Banks Throw $360B Lifeline

Effects of worldwide effort on markets still unfolding

(Newser) - The Fed has joined forces with central banks in Europe, Japan and Canada to pump more dollars into the global financial system in a bid to fend off economic catastrophe, Bloomberg reports. The funds—$180 billion from the Federal Reserve and nearly as much from the other banks—are being... More »

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