weak dollar

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Bernanke Taking Big Gamble on Policy

Lower dollar stimulates economy but risks trade wars: Allan Sloan

(Newser) - Ben Bernanke's push to keep interest rates low might be stimulating the US economy, but it's also raising the risk of currency wars, writes Allan Sloan at Fortune . "Cutting interest rates faster and more deeply than most other central banks has weakened the dollar against the currencies... More »

Dollar Nears 3-Year Low

Set for biggest weekly plunge since January

(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... More »

Ahead of G20, Obama, Sarkozy Seek United Economic Front

French, American presidents meet at White House

(Newser) - President Obama and Nicolas Sarkozy discussed ways to stabilize the world economy and prevent another global financial crisis today at the White House ahead of the G8 and G20 meetings, Bloomberg reports. While the two countries would seem to be at odds on world finance—many French officials believe that... More »

World Scrambles to Boost Buck

Weak dollar doesn't help anyone—except the US

(Newser) - Central banks around the world are stepping up measures to keep the American dollar strong and their own currencies weak. The dollar 's drop to near 15-month lows this week sparked fears that exports will become uncompetitive, threatening their fragile economic recoveries. Pacific Rim countries are especially concerned that China—... More »

Count the US Dollar Down, But Not Out

Fears of a looming currency crash are overblown

(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 »

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 »

Recession Will Pass, but Dollar May Be Doomed

(Newser) - The American economy is heading out of recession, but the long-term fate of the dollar may not be so bright, writes the Wall Street Journal. Growing numbers of economists and investors, including Warren Buffett, say that stimulus spending and rate cuts will boost inflation and weaken the greenback. At the... 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 »

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 »

Champagne Loses Fizz With Economy

Industry is worried a tough holiday season will leave sales flat

(Newser) - Champagne companies are anything but bubbly this year as they head into what’s predicted to be a “horrible” holiday season, hurt by a sagging US economy and weak dollar, reports Advertising Age. November and December are crucial for the industry, with as much as 25% of sales during... 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 »

US Slowdown Hits India's IT Sector Hard

Economic slump adds challenge for industry pondering next steps

(Newser) - The credit crunch that has shifted the US economy into neutral has slowed the growth of India’s tech sector, which once boasted growth rates of 40% in the overall strong economy, the Wall Street Journal reports. The slowdown comes as the sector faces increasing competition from abroad and rising... More »

America Tops Wish List for Foreign Tourists

Falling dollar helps US edge Australia as most likely destination

(Newser) - The plummeting dollar has tourists punching their tickets for the US, according to Lonely Planet’s latest rankings. America came out ahead in voting for the country travelers were most likely to visit next, Reuters reports, knocking Australia—tops since 2004—from its perch. More »

Weak Dollar Scaring Off Foreign Funds

US policy has big China, Gulf spenders looking to divest

(Newser) - With the dollar declining and US economic outlook uncertain, some large sovereign wealth funds are looking to cut down on greenbacks, the Financial Times reports. One such Persian Gulf fund has cut its dollar-denominated investments from 80% to 60%, and China’s State Administration of Foreign Exchange is aggressively exploring... More »

World Markets Tumble, Dollar Hits New Low

Euro hits $1.60 as banks lead declines

(Newser) - World stocks hit their lowest level since 2006 today as credit-market losses and weakening consumer confidence sent shares falling, reports Bloomberg. The big banks, from UBS in Europe to Cathay in Asia, led declines. The MSCI World Index, Morgan Stanley's indicator of global finance, has now slid into bear market... More »

Consumers Are Quickly Trading Down

Switch to cheaper goods is broadest since early '80s

(Newser) - As fuel prices and home foreclosures steadily rise, Americans are trading down in everything from automobiles to their lunch options. That's not unusual in an economic downturn, but the speed with which it's happening is, the Wall Street Journal reports. And the flight to the affordable and generic is affecting... More »

Weak Dollar Sends Vatican to $14.5M Loss

Catholic church blames declining greenback as it goes into the red

(Newser) - The weak dollar has wreaked havoc on business across Europe, but one organization has posted a surprising loss: the Vatican. The Catholic Church blamed the declining greenback for its first loss in 4 years as it ended the year $14.5 million in the red. The Guardian reports on how... More »

Oil Gushes Past $145

Experts say a further weakening of the dollar will push prices higher still

(Newser) - The specter of conflict in Iran and a surprisingly large decline in US stockpiles pushed European oil prices above $145 today for the first time, reports the AP. A further weakening of the dollar, if the European Central Bank raises interest rates as expected later today, could push prices even... More »

FedEx Chief: Exports Will Stave Off Recession

CEO says increased globalization in high-tech a boon to struggling economy

(Newser) - Strength in high-tech US manufacturing and the globalization of the market has helped the US avoid a recession, with its exports being driven by a weak dollar, FedEx CEO Fred Smith told the Financial Times today. And, he said, as emerging economies continue to grow, so will US exports, even... More »

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