Dollar Declines Further vs. Euro
May 13th, 2008 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar continued to slide against the euro. Late Monday, the euro was trading at $1.5541 vs. $1.5473 on Friday.
While the buck rallied early, along with the Dow, it gave it all back, and then some.
Traders may have responded in a positive manner, initially, to a weekend report in the Wall Street Journal which said the Bush administration was leading an international effort to put a floor under the currency.
The Journal was reporting on a shift in the interpretation of the statement that followed last month’s meeting of Group of Seven finance ministers and central bankers, which highlighted concerns over excess volatility in currency markets. That was a nuance traders saw at the time as coming at the behest of European officials worried about the weak dollar’s impact on euro-zone exporters.
However, an unnamed U.S. Treasury official, told the Journal that it was actually pushed by the U.S. as part of an international effort to halt the dollar’s slide.
“The G-7 language was meant to direct attention beyond the short-term U.S. financial-market turmoil,” the official was quoted as saying. He noted that the administration expects faster growth in the U.S. and slower growth in euro-zone countries in coming months, which would be expected to allow the dollar to gain against the euro.
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