Thursday, July 12, 2007

In defence of currency….?

Dollar plunges to fresh lows

The dollar has plunged to its lowest level ever against the euro amid evidence that the American housing market slowdown may be leaching into other areas of the economy. And sterling also hit a fresh 26-year high against the US currency, with £1 at one point buying close to $2.03.

Posted by lvmreader @ 02:45 AM (464 views)
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One thought on “In defence of currency….?

  • $ at all time lows against the € this morning – interesting development. Question is: to what extent is the PPT controlling this, and to what extent are they in a blind panic? At some point if the FED is to look even slightly serious about inflation (which, clearly, they are not) they are going to have to raise interest rates to support the dollar. I expect to see inflation breaking out in the US – big time. Falling dollar, rising inflation, rising interest rates, recession = stagflation. Gold? – Through the roof.

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