Dollar Thumped by the Euro
Mar 31st, 2008 | By Contrarian Profits | Category: Featured, Financial News, US Dollar & Forex TradingThe dollar headed for its biggest quarterly loss against the euro in almost four years, reports Bloomberg, as the European Central Bank held borrowing costs at a six-year high to contain inflation.
The dollar traded within a cent of a record low against the euro after a European Union report showed consumer prices accelerated at the fastest pace in almost 16 years this month. The pound fell to an all-time low against the euro, posting its largest-ever quarterly decline, after U.K. housing prices dropped in March for a sixth month.
“It might not be long before the once mighty dollar loses its ‘global reserve currency’ crown to the euro,” says Ben Traynor.
Ben recommends keeping an eye on the good old Swiss franc as another great way to play the death of the dollar, as international capital flows into a country so far untainted by troubles in the mortgage and derivatives markets.
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