US Dollar Slumps to Record Low

[JeffWartman]

Dollar Slumps to Record Low Versus Euro on Bear Stearns Losses

By David McIntyre and Stanley White

July 18 (Bloomberg) -- The dollar fell to a record low against the euro and dropped versus the yen after Bear Stearns Cos. reported hedge fund losses, fueling speculation investors will spurn U.S. assets as the economy slows.

The yen also rose against the euro and the Australian and New Zealand dollars as investors scaled back carry trades, where they buy higher-yielding securities with money borrowed in Japan. Federal Reserve Chairman Ben S. Bernanke may be asked about financial industry losses caused by mortgage defaults when he testifies before Congress today.

``The subprime woes may weigh on the broader U.S. economy,'' said Yuji Saito, head of the foreign-exchange sales department at Societe Generale SA in Tokyo. ``There's a bias for selling the dollar.''

The dollar declined to an all-time low of $1.3822 against the euro before trading at $1.3812 at 11:42 a.m. in Tokyo from $1.3781 in New York yesterday. It dropped to 121.86 yen from 122.34. The yen rose to 168.32 per euro from 168.59. The U.S. currency may decline to $1.3830 per euro and 121.50 yen today, Saito said...

Full Story: http://www.bloomberg.com/apps/news?pid=20670001&refer=worldwide&sid=aMtV.07BfeXg

 

[BaronVonBigmeat]

10 LET POSTER = RSR
20 IF STR(THREAD) = ECONOMY GOTO 30
30 POST = "the dow jones just reached another all-time high"
40 POST = "the libs" X, "because" Y
50 LET X = RANDOM ("hate good news", "despise Bush's growing economy", "can't stand capitalism")
60 LET Y = RANDOM ("it means fewer voters on welfare", "they want to raise taxes", "they want the terrorists to win",)
70 POST = STR(BUMPERSTICKER.SLOGAN)
80 COPY URL.ARTICLE = NEWSMAX.COM OR WND.COM OR NATIONALREVIEW.COM
90 PASTE URL.ARTICLE
100 SUBMIT REPLY
110 END

 

[Delbert]

10 LET POSTER = RSR
20 IF STR(THREAD) = ECONOMY GOTO 30
30 POST = "the dow jones just reached another all-time high"
40 POST = "the libs" X, "because" Y
50 LET X = RANDOM ("hate good news", "despise Bush's growing economy", "can't stand capitalism")
60 LET Y = RANDOM ("it means fewer voters on welfare", "they want to raise taxes", "they want the terrorists to win",)
70 POST = STR(BUMPERSTICKER.SLOGAN)
80 COPY URL.ARTICLE = NEWSMAX.COM OR WND.COM OR NATIONALREVIEW.COM
90 PASTE URL.ARTICLE
100 SUBMIT REPLY
110 END

excellent!!