Thursday, March 13, 2008
Not “Good Tidings” – And it’s only Spring!!!
The dollar fell to the weakest since 1995 against the yen, to below 100 yen, and a record low versus the euro after a Carlyle Group fund moved closer to collapse, triggering concern of more turmoil in financial markets. The dollar was close to parity with the Swiss franc and slumped against the British pound after Carlyle said lenders will take over the assets of its mortgage-bond fund and President George W. Bush acknowledged the U.S. currency's decline was not ``good tidings.'' ``Investors are getting out of dollar assets and this is going to lead to a dollar crash,'' said Tetsuhisa Hayashi, chief currency manager of foreign-exchange trading in Tokyo at Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan's largest publicly traded lender. ``The U.S. economy is getting worse.''