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| Dollar Sinks to New Low Against Euro | |
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| Tweet Topic Started: Nov 24 2004, 10:18 AM (1,385 Views) | |
| gvok | Nov 24 2004, 10:18 AM Post #1 |
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Unregistered
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Dollar Sinks to New Low Against Euro LONDON (AP) - The U.S. dollar sank to another record low against the euro in European trading Wednesday morning. Gold prices rose. The euro hit a record high of $1.3167 in morning trading, then eased to $1.3150, up from $1.3085 late Tuesday. The 12-nation European currency's previous peak was $1.3105 reached Tuesday. The recent rally has taken the euro from $1.20 about two months ago, driven primarily by concerns over the U.S. trade and budget deficits. The latest surge comes after a weekend meeting of the finance officials from the Group of 20 industrial and developing countries failed to deliver any signal of concerted action to boost the dollar. Other dollar rates compared with late Tuesday included: 102.96 Japanese yen, up from 103.41; 1.1514 Swiss francs, down from 1.1572, and 1.1804 Canadian dollars, up from 1.1882. The British pound was quoted at $1.8780 up from $1.8695. Gold dealers in London fixed a recommended price of $448.65 at midmorning, up from $448.40 late Tuesday. In Zurich, the bid was $448.63, up from $448.33. Gold rose $1.90 in Hong Kong to $448.35. Silver opened in London at $7.54 bid per troy ounce, up from $7.52. © Copyright The Associated Press. (Emphasis in bold Gvok's) |
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| Admiralbill_gomec | Nov 24 2004, 11:19 AM Post #2 |
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UberAdmiral
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Who cares. (This topic was discussed on a previous thread.) In particular, this one: http://invisionfree.com/forums/SisterTrek/...?showtopic=4891 |
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| Dr. Noah | Nov 24 2004, 11:21 AM Post #3 |
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Sistertrek's Asian Correspondant
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I hope this trend doesn't last. Deficit spending will continue to devalue the dollar in foreign markets. A lot of people care. I don't want to see my country loose economic power and clout due to irresponsible spending policy. |
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| Admiralbill_gomec | Nov 24 2004, 11:24 AM Post #4 |
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UberAdmiral
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I'd rather have deficit spending and a STRONG ECONOMY than the economies supporting the Euro, which are foundering... Italy is considering dropping the Euro, and France and Germany have massive unemployment and productivity problems. The selling of the dollar has nothing to do with our balance of trade. It has everything to do with trying to promote China's economy (guess who is selling dollars? If you said Beijing, you'd win a prize!). It just happens to benefit the Euros temporarily. |
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| gvok | Nov 24 2004, 11:24 AM Post #5 |
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It is an important issue that cannot be ignored forever and the longer it is ignored the more difficult it will be to dig our way out. BTW, it is possible to have a balanced budget and a good economy. |
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| Admiralbill_gomec | Nov 24 2004, 11:24 AM Post #6 |
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UberAdmiral
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Seriously, that is complete BS and you know it. |
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| ds9074 | Nov 24 2004, 11:38 AM Post #7 |
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Admiral
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This rise in the Euro is hurting our Eurozone neighbours by making exports to the United States more expensive. In the short term it benefits the US by making its exports cheaper around the world and its domestic goods more attractive to domestic markets. Longer term and if this continues it is a bad policy. Firstly I do not think it is in the economic or political interests of the United States to see continential Europe pushed into recession and economic chaos. Secondly you could start running into a situation where the US has to hike interest rates in order to be able to finance its deficit. That and the impact of more expensive import of goods that you cant avoid buying are not good for the US economy. The United Kingdom is in quite a fortunite position. As you know we are not a member of the Eurozone and the Pound Stirling tends to be a halfway house between the dollar the euro. So while we have seen our exports to the US made more expensive, the fall in the dollar hasnt been as great against the pound as the Euro. Also the Euro has risen against the Pound, this means that any loss of exports to the USA is actually compensated for by an increase in exports to Eurozone countries. So far at least our policy of retaining the Pound seems to be the right one. |
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| gvok | Nov 24 2004, 11:39 AM Post #8 |
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Unregistered
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I don't understand why it's so hard for the Right to admit that unfettered deficit spending is unhealthy for the economy. |
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| captain_proton_au | Nov 24 2004, 11:47 AM Post #9 |
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A Robot in Disguise
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It has little to do with American economic poilicies, they've done quite well post 9/11, also it has little to do with any improvement from Europe, only the UK and the Scandanavian countries are the ones that are doing well in Europe. It has mostly to do with emerging economies in East and Central Asia, and flow on effects from the jump in oil prices |
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| Hoss | Nov 24 2004, 12:50 PM Post #10 |
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Don't make me use my bare hands on you.
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Can you be more specific with your accusation and baiting? I'd hate to think that you really meant to include everyone on the 'right' in that blanket indictment.
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| gvok | Nov 24 2004, 12:57 PM Post #11 |
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Unregistered
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Here we go with the whining about baiting. Is it possible for me to hold a political view and have you guys not consider it baiting? Why don't you consider it baiting when your leader makes blanket statements? |
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| Dr. Noah | Nov 24 2004, 01:03 PM Post #12 |
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Sistertrek's Asian Correspondant
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I rarely, if ever see anyone call AB out when he says something about "lefties" and "liberals" in fact, I don't think I've ever seen anyone accuse someone of baiting in reference to these sterotypes. |
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| gvok | Nov 24 2004, 01:04 PM Post #13 |
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I wonder why that never happens.
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| Hoss | Nov 24 2004, 01:17 PM Post #14 |
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Don't make me use my bare hands on you.
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You weren't expressing a political opinion, you were accusing 'the right' of being a certain way. As a non-card carrying member of 'the right' (queue devious sounding ambient music), I took exception to the accusation and questioned you on it. I am not really concerned about your arguement with a certain other poster who shall be named: ABG. I think that running a deficit and pork barrel spending is a sign of an irresponsible government and could possibly contribute to an economic disaster in the future if unchecked. This is a conservative (or politically 'right') opinion and I don't find the Republican Party to be very conservative from this angle at this time. I have stated this several times. I don't think that we have gone beyond the point of no repair, but I do think that now is the time to get our books in order and hold our leaders accountable for responsibly managing the Federal budget lest it get very bad. |
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| gvok | Nov 24 2004, 01:34 PM Post #15 |
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Unregistered
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Okay. Point taken. However, I still hold that the people who voted for President Bush do not seem to place the budget deficit very high on their list of priorities even if they are concerned about it. In that respect I feel comfortable making a blanket statement even if there are a minority of individual people who should not be covered by the blanket. |
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