Dollars Falls Further Against Euro
May 10th, 2008 | By Doug Casey | Category: US Dollar & Forex TradingIn the currency market, the dollar continued to backtrack after its recent runup against the euro. Late Friday, the euro was trading at $1.5473 vs. $1.5396 on Thursday.
“The dollar rallied marginally in morning New York trade, as a narrower than expected March trade deficit supported the unit,” wrote currency strategists at Action Economics. “New record high oil prices, along with a fairly severe sell-off in U.S. equities, however, saw the greenback give back its gains in afternoon trade, and into the weekend.”
The Commerce Department reported both imports and exports fell sharply in March, pushing the U.S. trade deficit down to $58.2 billion. Inflation-adjusted, the nation’s real trade gap for March was the lowest since November 2003.
The import/export data bucked some firm trends. Nominal imports plummeted 2.9% to $206.7 billion, marking the largest decline in more than six years, and in the face of record oil prices. Nominal exports fell by 1.7% to $148.5 billion, the biggest drop in nearly three years, in spite of higher prices for U.S. farm products.
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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.