Thursday, November 08, 2007
US Dollar Continues Downward Spiral...
Down and down it goes...
via Reuters
TOKYO (Reuters) - The dollar tumbled against major currencies on Friday, hitting a 26-year low against sterling and a record low against the euro as expectations grew for more interest rate cuts from the U.S. Federal Reserve.
The pound rose as high as $2.1145 at one point.
The euro hit $1.4739 on electronic trading platform EBS, its highest against the dollar since the euro's launch in 1999.
The dollar also dropped 0.5 percent against the Swiss franc to $1.1212, its weakest since 1995.
The Canadian Dollar is at $US1.08, and it's only 112 Yen to the US Dollar, serious lows versus both of those currencies.
Tomorrow should be another roller coaster ride. The North Sea Oil is shut in, Eastern Britain is about to be flooded, Mexico's oil is still barely flowing again, so we've offset and exceeded the +500,000 OPEC flow increase by 790,000 barrels pr day, for a net loss of 250,000 barrels daily, meanwhile, several major countries are all shedding the Dollar-- especially China.
It seems now that China has everything built, and ready to go for the 2008 Olympics, they can start dumping their leftover Greenbacks. They'll float the Juan within weeks of the Closing Ceremonies. Before if we attack Iran, with whom, they are becoming heavily contracted.
Short-hairs.
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Labels: Global Economy, US Dollar, US Economy
