Dollar Down in Thin Trading
Apr 10th, 2008 | By Doug Casey | Category: US Dollar & Forex TradingEuropean interest rate decisions due today. In the currency market, the dollar eased against the euro. Late Wednesday, the euro was trading at $1.5756 vs. $1.5731 on Tuesday.
It was again a day of little action ahead of today’s announcements from the European Central Bank and the Bank of England with regard to interest rate policy.
Traders were still digesting the minutes of the Federal Reserve’s last meeting on interest rates, and they weren’t sitting well since they said that a more ‘prolonged’ and ’severe’ downturn could not be ruled out.
Meanwhile, the IMF is putting the chance that global economic growth will drop to recession levels in 2008 and 2009 at one in four. If the financial markets were a twin-engine plane, both engines would be on fire, the agency said.
The IMF is now projecting world economic growth will slow to a 3.7% rate in 2008, down from 4.2% forecast previously, and it says that we will have to depend on the emerging economies, particularly China and India, to prop up the global economy.
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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.