Dollar at Record Lows Against the Euro
Mar 6th, 2008 | By Contrarian Profits | Category: Featured, Financial News, US Dollar & Forex TradingThe dollr new record lows against the euro today as investors looked to more data pointing to a weakening US economy
Widespread anticipation that the European Central Bank will keep interest rates on hold today further depressed dollar sentiment.
Britain’s Financial Times reports that the euro “continued its prolonged rally, hitting an all-time high against the dollar in early trading when it rose 0.5 per cent to $1.5349, before falling back slightly to $1.5336.”
Meanwhile, cost of living increases in the US vastly exceed the reported inflation figures, says Marc Faber.
“According to the Kaiser Family Foundation, health insurance premiums have risen 78% since 2001, while wages have gained only 19%. At the same time, corporations are faced with a squeeze on margins due to rising costs. Cost pressures contributed to the dismal performance of earnings in the third quarter of 2007. ”
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