Dollar Yields to Euro
May 4th, 2009 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar was down against the euro. Late Friday, the euro was trading at $1.3268 vs. $1.3224 on Thursday.
Among the day’s it-coulda-been-worse numbers, fhe factory sector contracted again in April, but the pace of decline slowed, according to the Institute for Supply Management index. The closely-watched ISM rose to 40.1% from 36.3% in March, the high point since September.
Of course, readings below 50% mark show most firms think business is still getting worse. Thus, while 40% “shows a significant improvement,” said Norbert Ore, chairman of ISM’s survey committee, “there is still a large gap that must be closed before manufacturing begins to grow once again.”
Also yesterday, the University of Michigan/Reuters April consumer sentiment index came in at 65.1–also the highest since September–vs. 57.3 in March.
“Two-thirds of all consumers anticipated that the economic policies of the Obama administration will be effective in improving national economic conditions, with most of the gains anticipated over the next several years,” said Richard Curtin, director of the consumer survey.
“What would really cement into place further gains in confidence would be a significant decline in pressures arising out of the labor market,” wrote analysts at research firm RDQ Economics. “Rising consumer and business sentiment, however, is a very good signal that the recession may draw to a close in the second half of the year.”
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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.