Dollar Slips
Mar 16th, 2009 | By Doug Casey | Category: Financial NewsIn the currency market, the dollar was lower against the euro. Late Friday, the euro was trading at $1.2907 vs. $1.2818 on Thursday.
The Commerce Department reported that the U.S. trade deficit narrowed by 9.7% to $36.0 billion in January, a six-year low, on an across-the-board decline in global trade flows.
“The big story here is not the decline in the deficit but the continuing collapse in trade volumes,” wrote Nigel Gault, chief U.S. economist for IHS Global Insight.
The speed and depth of the decline has stunned analysts.
“The numbers have been wild since the summer of last year, before the bankruptcy of Lehman Brothers, when a combination of falling demand – and we surmise – much tighter trade credit, began to squeeze both exports and imports,” wrote Ian Shepherdson, chief economist at High Frequency Economics.
And the euro continued to benefit from the Swiss central bank’s decision Thursday to intervene in foreign exchange markets to halt the Swiss franc’s rise versus the common currency.
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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.