Dollar Falls to Record Low of $1.50 Per Euro

[jordi_fanclub]

Source: Bloomberg

Feb. 27 (Bloomberg) -- The dollar fell below $1.50 per euro for the first time since the European currency was introduced in 1999 after U.S. home prices and consumer confidence tumbled, bolstering bets the Federal Reserve will cut interest rates.

The U.S. currency slumped against 15 of the 16 most-active counterparts after Fed Vice Chairman Donald Kohn said turmoil in credit markets and the possibility of slower economic growth pose a ``greater threat'' than inflation.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aHwdqM.mGWks&refer=home

[marmar]

1. Wow. I was crying the last time I visited Europe and it was $1.24 then.....

.... Yikes!

[pscot]

2. Bush has flushed our economy

right down the toilet.

[Karenina]

28. Visual

[pscot]

Bush has flushed our economy

right down the toilet.

[Karenina]

29. Visual

[pscot]

3. Bush has flushed our economy

right down the toilet.

[Karenina]

30. Visual

[pscot]

4. Bush has flushed our economy

right down the toilet.

[Karenina]

31. Visual

[pscot]

5. Bush has flushed our economy

right down the toilet.

[laconicsax]

8. Having some trouble?

[pscot]

9. So it appears

n/t

[Karenina]

33. Just needed decoration.

[Karenina]

32. Visual

[maxsolomon]

6. if this keeps up european wine will be just as expensive as domestic!

this means an inexpesive hotel room in paris is now over $300/night.

they're going to miss us when we're gone.

[hunter]

11. Probably not.

There are plenty of other tourists trying to speak French.

[tabasco]

13. Carlo Rossi $9/gallon!

Can't afford the German white anymore. :cry:

[maxsolomon]

14. that's not Wine

that's grape-flavored grain alcohol.

i haven't been able to afford German white for years.

[tomreedtoon]

16. Ripple isn't made in Europe, is it?

Or those convenient box wines? Maybe you snooty people who insist on those dangerous, unecological glass bottles will suffer, but not us regular people.

[tabasco]

17. Oh, okay.

They must have mislabeled the bottle!

[maxsolomon]

26. my mistake. i confused gallo's plonk with franzia's

no american corporation would ever mislead americans about the quality of their product.

http://seattlest.com/2007/05/16/its_not_wine.php

[no_hypocrisy]

7. Euro opened at $ 0.75.

[enid602]

10. inverse relationship

There seems to be an inverse relationship between the price of the Euro and Bush's approval ratings.

[Sal Minella]

18. I remember Europeans being disappointed when the Euro was = eighty American cents.

The promoters had hoped the Euro would be equal to the dollar on the world market. I hope it will be someday too.

[ozone_man]

12. Maybe a result of $30 billion auction today?

We really need to abolish the FED before they ruin the country. And it's already very close to ruin.

[bagrman]

20. Too Late.

[Joe Bacon]

15. You ain't seen nothing yet

See what happens when insane asshole Christian Republicans let the red ink roll like the dam is broke?

[awoke_in_2003]

19. This wouldn't be so bad if

we still had a manufacturing base- it would make our exports cheaper for others to buy. Unfortunately, we only produce weapons now.

[Roland99]

21. Dropping rates is what's hurt the dollar. Sooo... drop them more!!

:banghead:

[Anarcho-Socialist]

22. surely this is signifying a strong US recession?

It means that speculators and real-world traders still don't think US exports are competitive enough to secure an economic recovery. This means the Dollar could be going lower.

[Yavin4]

23. But....But....Isn't Europe Filled With Socialist Countries

With socialized medecine, pension plans, free education, etc. How can their currency be worth more than ours?

[MikeNearMcChord]

24. You would think this would be good news for our tourism

industry, but thanks to the conservative/fascist/rightwing Department of Father...oops Homeland Security, most Europeans will say FU, this summer.

[Snazzy]

25. FT story

Dollar slides to new lows after Fed warning
By Neil Dennis in London and Krishna Guha in Washington

Published: February 27 2008 10:11 | Last updated: February 27 2008 11:39

The euro broke new records above $1.50 against the dollar on Wednesday, pushing oil and precious metals to fresh peaks, while weighing on equity markets.

The dramatic moves followed weak US data and comments from the Federal Reserve which reinforced expectations of further aggressive US rate cuts.

Dollar weakness was widespread. There were records for the euro, which climbed as high as $1.5087, and the Swiss franc, which hit SFr1.0668. By midday in London, the euro was up 0.4 per cent at $1.5035 and the Swissie was 0.5 per cent higher at SFr1.0693.

The dollar index, a measure of the US unit’s strength against a basket of currencies, fell to a record low of 74.264.

....

http://www.ft.com/cms/s/0/fa616ac0-e519-11dc-9334-0000779fd2ac.html

They go on to quote the Fed being incredibly uninspiring and mealymouthed about "the next few years" -- wonderful.

[Karenina]

34. A crashed, burned dollar

would not affect someone like say, Dick Cheney, as he has long since bailed. Indeed it would enhance his portfolio. And he STILL has a job! :freak:

[fascisthunter]

27. Thanks to Conservative's Economics

and the fools that bought into their BS.

[BeHereNow]

35. Meanwhile...gold hits 973.20 and silver nears 20.00

Remember all the shills claiming people recommending
moving dollars assets to metal as "gold bugs and hawkers?"
Yeah, well fuck them.

Glad I didn't listen.

BHN

[pinniped]

36. Hooray, now it's easier for people to calculate.

.

[Bigmack]

37. NOT $1.50.....

Actually, I show $1.51858..

Round it off....

http://www.xe.com/ucc/