Dollar Little Changed Against Euro
Aug 13th, 2008 | By Doug Casey | Category: Financial News, US Dollar & Forex TradingIn the currency market, the dollar was marginally lower against the euro. Late Tuesday, the euro was trading at $1.492 vs. $1.4904 on Monday.
Some analysts are beginning to say that the euro selloff may have been a tad overenthusiastic.
“The market is taking a little bit of a breather,” said Greg Salvaggio, vice president for capital markets at Tempus Consulting Inc. “The drop was a little quick. Adding to dollar weakness is that equities are under pressure.”
Traders largely ignored data from the Commerce Department showing that the U.S. trade deficit for June narrowed 4.1% on record exports and a decline in non-oil imports.
The deficit surprisingly narrowed to $56.8 billion in June, from a revised $59.2 billion in May. That was far below economists’ projections for a deficit of $62.8 billion.
The main reason for the unexpected number was that exports jumped 4% in June to a record $164.4 billion, the biggest gain in four years. Meanwhile, real imports dipped 0.6%, leading Joel Naroff, president of Naroff Economic Advisers, to comment that, “We are not buying a whole lot of goods from anywhere.”
Source: Dollar Little Changed 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.