Not-So-Almighty Dollar

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September 2008
- Fed Grabs Another $30B in Currency Swap
  
  Reuters | Sep 24, 08 10:00 AM CDT
  
  (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 banks, and $5 billion lines with Denmark and Norway, Reuters reports. More »
- $1T US Bailout May Crush Dollar's Rally
  
  Bloomberg | Sep 22, 08 6:18 AM CDT
  
  (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 dollar will get crushed,” predicted one expert. More »
- Dollar Soars to 1-Year High
  
  Reuters | Sep 8, 08 8:06 AM CDT
  
  (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 the Fannie-Freddie bailout reassured investors, reports that Asian banks might buy out Lehman Brothers also helped to push up the dollar. More »
August 2008
- China Overtakes US as Top Market for Japan Goods
  
  MarketWatch | Aug 21, 08 3:21 PM CDT
  
  (Newser) - China imported $11.8 billion in Japanese goods in July, MarketWatch reports, barely surpassing the US as the world’s largest importer of products and services from Japan for the first time. The 11.5% drop in shipments to the US was the 11th consecutive month of declines; exports to China rose 16.8%, and shipments to Western Europe rose 4.1% More »
- US Slowdown Hits India's IT Sector Hard
  
  Wall Street Journal | Aug 20, 08 10:00 AM CDT
  
  (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 labor costs at home, and a weak dollar eating into profit margins. More »
July 2008
- America Tops Wish List for Foreign Tourists
  
  Reuters | Jul 29, 08 2:46 PM CDT
  
  (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 »
- Loving Low Dollar, Europeans Come to Shop
  
  MSNBC | Jul 26, 08 9:04 PM CDT
  
  (Newser) - The weak dollar is forcing Americans to shelve travel plans, but Europeans are flying over to score on stellar exchange rates. With the British pound worth $1.99 and the euro $1.58, tourists are coming to the US to shop: More than 15 million visited in the first 4 months of 2008, spending $11.6 billion in April alone—21% more than the same month last year. More »
- Weak Dollar Scaring Off Foreign Funds
  
  Financial Times (UK) | Jul 17, 08 4:18 PM CDT
  
  (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 European investments—a sign they don't trust US policy-makers to defend their currency. More »
- World Markets Tumble, Dollar Hits New Low
  
  Bloomberg | Jul 15, 08 7:32 AM CDT
  
  (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 territory, having lost 21% of its value since October. More »
- Weak Dollar Sends Vatican to $14.5M Loss
  
  Guardian (UK) | Jul 11, 08 8:19 AM CDT
  
  (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 the decline of the almighty dollar is hurting the house of the Almighty. More »
- Petrodollars Snap Up Americana
  
  New York Times | Jul 10, 08 4:33 AM CDT
  
  (Newser) - Foreign investors flush with dollars from the global commodities boom are using those greenbacks to buy flashy American properties, the New York Times reports. The government of Abu Dhabi bought a 75% stake in the Chrysler building Tuesday. Other recent "trophy" buys have included Donald Trump's Palm Beach mansion and some major works by American artists. More »
- Fires, Spiking Gas Aside, Calif. Tourism Still Sunny
  
  San Jose Mercury News | Jul 3, 08 4:25 PM CDT
  
  (Newser) - Near-continuous wildfires and soaring gas prices don’t seem to have made much of a dent in California’s tourism industry, the San Jose Mercury News reports. California's AAA reports only an 0.8% drop in Fourth of July domestic tourism, and a jump in visitors from abroad more than makes up the difference, travel officials say. More »
June 2008
- Dollar Soars to Biggest Weekly Gain in 3 Years
  
  Bloomberg | Jun 13, 08 5:21 AM CDT
  
  (Newser) - The dollar posted its biggest gain in almost 3 years this week, soaring 2.5% against the euro and 2.8% against the yen. This morning in London the dollar was trading at $1.54 against the euro, with analysts predicting a rise as high as $1.45 by year's end. European politicians are delighted with the greenback's resurgence; Christine Lagarde, France's finance minister, called it "very satisfying." More »
May 2008
- Oil Tops $130
  
  Associated Press | May 21, 08 8:30 AM CDT
  
  (Newser) - Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled over the past year. More »
- FedEx Chief: Exports Will Stave Off Recession
  
  Financial Times (UK) | May 19, 08 10:25 AM CDT
  
  (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 if the dollar rebounds. More »
- Dollar Hits 6-Week High Against Euro
  
  Financial Times (UK) | May 8, 08 6:12 AM CDT
  
  (Newser) - The dollar hit a six-week high against the euro yesterday, leading relieved policymakers on both sides of the Atlantic to hope that the worst is over, reports the Financial Times . Analysts still reckon that Washington will continue its policy of benign neglect: a soft dollar encourages exports and reduces the trade deficit. But one key reason US and European offici

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Stories

Fed Grabs Another $30B in Currency Swap

$1T US Bailout May Crush Dollar's Rally

Dollar Soars to 1-Year High

China Overtakes US as Top Market for Japan Goods

US Slowdown Hits India's IT Sector Hard

America Tops Wish List for Foreign Tourists

Loving Low Dollar, Europeans Come to Shop

Weak Dollar Scaring Off Foreign Funds

World Markets Tumble, Dollar Hits New Low

Weak Dollar Sends Vatican to $14.5M Loss

Petrodollars Snap Up Americana

Fires, Spiking Gas Aside, Calif. Tourism Still Sunny

Dollar Soars to Biggest Weekly Gain in 3 Years

Oil Tops $130

FedEx Chief: Exports Will Stave Off Recession

Dollar Hits 6-Week High Against Euro