Dollar Declines Against Euro
May 19th, 2009 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar declined against the euro. Late Monday, the euro was trading at $1.3535 vs. $1.3471 on Friday.
“The driver continues to be the risk backdrop, as Wall Street adds to gains,” said analysts at Action Economics.
There was little effect from the National Association of Home Builders’ index on the mood of the industry rising to 16 in May, in-line with economists’ predictions, from 14 in April. While any advance is welcome news, that reading still has a long way to go before reaching 50, the dividing line between expansion and contraction in the sector.
Nevertheless, it is the highest level since September, which suggests to some that stabilization may have arrived in the housing market.
Meanwhile, Treasury Secretary Geithner attributed the current financial mess to failures on the part of both government and the private-sector, and said it will take reforms of both to get us out.
Geithner said he’s not interested in more bailouts, or in having the government take the place of markets, and that even the federal government will have to “get back to living within our means when the crisis passes.”
We shall see on that one.
Source: Dollar Declines Against Euro
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.