Dollar Flat Against Euro, Pound Sinks to Record Low
Dec 30th, 2008 | By Doug Casey | Category: Financial NewsIn the currency market, the dollar stabilized against the euro after it pared back early losses that pushed the exchange rate past $1.43. Late Monday, the euro was trading at $1.4013 vs. $1.4065 on Friday. As with other markets, the eyes of traders were on the deteriorating situation in the Middle East.
“Euro strength and dollar weakness further emerge in thin trading activity as geopolitical uncertainty creeps higher,” wrote Ashraf Laidi.
Investors were also fleeing to the historic safe haven of the Swiss franc and sterling was pounded, moving to a record low vs. the euro.
Looking ahead, “The dollar is really going to struggle,” said Scott Ainsbury, a portfolio manager with hedge fund FX Concepts Inc. “There are just so many dollars in the system with this liquidity, and flushing all the banks with money is going to kill the dollar.”
And Bloomberg reported that: “Home prices for the 20 largest metropolitan areas fell 17.9 percent in October from a year earlier, the biggest decline since record keeping began in 2001, according to economists in a Bloomberg survey before the S&P/Case-Shiller index is published today. The Institute for Supply Management’s December factory index dropped to 35.4, the lowest reading since 1982, a separate Bloomberg survey showed. The ISM report is due Jan. 2.”
Source: Dollar flat against euro But pound sinks to record low vs. common currency
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