Data Fails to Lift Dollar, New Low Hit (Reuters via Yahoo)

NEW YORK (Reuters) - The dollar was weaker early in New York on Wednesday as new U.S. economic data failed to ease the heavy selling pressure that pushed the currency to fresh lows.

Against a backdrop of concern over the bulging external U.S. deficit, the lack of will among U.S. policymakers to halt the dollar's slide and speculation some central banks are increasing their euro holdings, the dollar hit new lows against many major counterparts.

<snip>

"Sentiment is extremely bearish," said Stephen Jen, chief currency strategist at Morgan Stanley in London.

"We are in an overshooting territory and this is going to continue unless it's stopped by the authorities. The key driver has been a shift in the U.S. currency policy," he said.
http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=2&u=/nm/20041124/bs_nm/markets_forex_dc

What?! A shift in U.S. currency policy?!
B-b-but they've said over and over during the slide that our policy for a strong dollar hasn't changed at all!

But what about the FREE MARKET???

dollar and then we raise the debt ceiling again the same week, hmm, duh.

"Shift in the U.S. currency policy"
Okay, I give up: What is the policy. I'd like to hear from shrub what the policy is.

:eyes:

Aside from printing bonds and dollars and running deficits and trying to require that dollars be used for oil sales.

Do we buy or sell foreign currencies in significant amounts?

Is this about U.S. companies and citizens investing overseas?

The market's negative sentiment toward the dollar was reinforced last week after the Group of 20 rich and developing nations gave no indication they would take action to stem the dollar's fall at a high profile meeting in Berlin.

Right now I have money invested on the Euro rising against the dollar. Look for 1.35 Dollars to the Euro by the end of the year.

- David

There will be a short period of faith testing, but moral voting will eventually result in a strong currency.

/irony off

a gray day! Thanks much! :D

Haven't you figured that out by now boys and girls?
This admin always states that they will spell out a certain policy for a certain thing, then they never do.
We as a nation are effectively in the dark.
All we know is that moron claims to have capital to spend? I'm trying to figure that one out. If it's anything like our money he spends, he should be out of capital in about a week.
Total jackass.

All we know is that moron claims to have capital to spend?


From all the bribery and extortion?
Favors owed to him by loyalists that will allow him to continue to lead this country down the path of destruciton and probably bring the rest of the world along with it?

Welcome to DU!! :toast:

He's probably making a fortune speculating on further declines in the dollar.

Yeah, I know, you were confused.

rerun of Bu$cho. Now I know why I feel like I'm taking a Long walk off a Short pier.......Splash!:crazy:

Look down below...

n/t

we hit a "new low". They are going to come up with some new terminology I don't think "new low" means what they think it does.

Just update it every day. It'll be effectively "Late Breaking News" for quite some time.

Wonder how long before it goes the way of the ruble?

I've lost count of the number of times we've seen the dollar hit a "new low" recently.

It is accurate, though. Everytime it goes lower, it IS a new low, as compared to the other lows, which are now "highs."

Follow that? :crazy:

bushworld is Bizarro World.

It is a flawed economic plan that republicans embrace. In order to devalue the dollar they have to near bankrupt our government! Some US businesses may have increased exports, but not nearly enough to make this moronic scheme worth anything.

The problem with anti-christ Republicans is that they actually believe that the free market works. They do not understand, or comprehend the dangers and long term ramifications of what they do. they are economic idiots and they are sending the US back to the 18th century.

history course in college.

... I say let it drop. Down, down, down, down. Not my president, not my congress, not my problem.

I heard an economist talking on AAR (can't remember his name -sorry). He said that the U.S. is heading straight for another Great Depression that will make the last one look like a walk in the park. He compared our current crisis to Argentina before its economy collapsed. He said the tipping point will happen when * gets his way again, and raids Social Security. That's the only big pot of money left in the government for the Cocaine-Addict-in-Chief to burn through. Apparently that's what happened to send Argentina into a free fall. Another scenario is * cutting taxes for the rich AGAIN. This economist said that "Chimp Inc." doesn't think that any economic rules apply to them.

I heard another economist (sorry I can't remember this guy's name either) on Majority Report saying that another scenario will cause a collapse. China/Japan, current U.S. mortgage holder, might decide it wants its money repaid in euros rather than dollars. If so - we're completely screwed. Up until now, the U.S. has just been running to the xerox machine to print more dollars, but euros as a currency actually represent a unit of value, and we can't just pull those out of thin air. That's why we had to control Iraq oil - as a bargaining chip against Asia; since we have no money.

Those of you who understand economics - can you tell me if I'm understanding this stuff correctly? Next question - didn't the Great Depression cause a worldwide depression? Would that happen again - or are Europe and Asia in a strong enough position that they wouldn't be affected? Last question - what do us poor working stiffs do if/when this comes to pass?

:shrug:

We are already waist deep in Hoovernomics. Fuck it, I can't wait for the reintroduction of Freedom to Contract. We need to lose FMLA, ADA, 40-hour work weeks, 8 hour days, and the minimum wage in order to relive the glory days of the great 1929 stock reappraisal. That's when the tits were perkier, the cocks were fuller, and we didn't have to listen to all of these little people complaining that we were getting rich off breaking their backs. I hear Neil Cavuto's column next week is entitled: "Defeating the Liberal Myth of Unhappy Indentured Servitude: Being another's property in the name of patriotism."
My personal advice is to invest in mining towns and the cotton gin.

Is so poor that they would never understand what you mean.

The sarcasm is not lost on me however!