Dollar Gains Against Euro
Aug 29th, 2008 | By Doug Casey | Category: Financial News, US Dollar & Forex TradingIn the currency market, the dollar rose against the euro. Late Thursday, the euro was trading at $1.4696 vs. $1.4727 on Wednesday.
The buck strengthened as crude pulled back from highs notched on the back of hurricane fears.
“The foreign exchange market continues to track the oil market closely,” wrote Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
The dollar was also buoyed by a Commerce Department report giving revised second quarter GDP figures. The report said that the economy grew 3.3% in the quarter, as compared with the previous estimate of 1.9% growth. That exceeded economists’ expectations that the revision would show the economy growing at a 2.7% pace in the quarter that ended in June.
However, “There were some cracks in the foundation revealed in the details of the report,” said Michael Darda, chief economist at MKM Partners in Greenwich, Connecticut. “With the G7 economies now slowing sharply, which threatens U.S. exports, and stressed credit markets colliding with weak U.S. labor markets, which threatens consumer spending, the second half of this year is likely to be weak.”
Source: Dollar Gains 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.