Dollar Rallies on Trouble in the Eurozone
Jul 25th, 2008 | By Doug Casey | Category: Financial News, US Dollar & Forex TradingIn the currency market, the dollar moved strongly upward against the euro for a second straight day. Late Wednesday, the euro was trading at $1.5676 vs. $1.5784 on Tuesday.
“The U.S. dollar is broadly higher as the global markets and economy continues to pull back from the edge of the abyss that it was steering into a week ago,” wrote strategists at Brown Brothers Harriman.
The buck also benefited from a day in which the only bad news was the Fed’s Beige Book report, which had only four of 12 regional banks reporting stable, steady or improving growth. And inflation is bad, with all 12 districts reporting that prices are “elevated or increasing.”
Traders shrugged that off, instead looking across the pond, where the euro was buffeted by some poor numbers. Industrial orders across the eurozone posted a 3.5% monthly drop and a 4.4% annualized decline in May, according to Eurostat.
That was way worse than economists’ projections for a 2% monthly fall and a 1.7% annual gain.
Source: Dollar Rallies on Trouble in the Eurozone
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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.