Dollar Down Vs. Euro
Dec 23rd, 2008 | By Doug Casey | Category: Financial NewsIn currency news, the dollar lost some ground against the euro. Late Monday, the euro was trading at $ 1.3931 vs. $ 1.3914 on Tuesday.
This was largely the result of investors continuing to react to record-low interest rates and the slumping US economy, especially signs that the housing slump is nowhere near a resolution.
The National Association of Realtors will report Tuesday on November’s housing numbers. Bloomberg analysts forecast that purchases of existing houses fell by 1%, from an annualized rate of 4.98 million to 4.93 million
As a result of the continuing economic distress in the US, Mitul Kotecha of Credit Agricole SA writes, “for most of next year, we look for dollar weakness”
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