Dollar declines to new low". This statement could be applied against any number of currencies as the US dollar or Greenback keeps trending lower. The dollar declined to $1.6038 per euro, the lowest since the Euros's inception in 1999. It fell to 104.97 yen, from 106.14 yen yesterday. The U.S. dollar also declined to a 25-year low against the resource driven and higher yielding Australian and Canadian dollars. The Dollar Index, which tracks the greenback against the currencies of six U.S. trading partners, fell for a fifth day on the ICE market to 71.334, the lowest since April 23. In my previous US dollar update there were signs that the dollar was recovering, but alas it was a false dawn. Here are the main reasons why the US dollar is and will continue to decline in the near term:

 

Submitted: Jul 15, 2008    Views: 320    Comments: 1    Likes: 1   


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Comments Received:

Meltdown
(Unregistered)

It was just several weeks ago and the pundits were calling for a rebound in the dollar - wrong. Until the economy here hits rock bottom there will be no bounce. As you point out, flat interest rates will hurt as will a ballooning budget deficit. The US government is debasing the dollar.

Posted: Jul 15, 2008

Author/Submitter Response:

Agreed and thanks for the comment.



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