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November 08, 2004
US Dollar continues down
Finance Markets expect the US deficit to grow, with the US government under George W Bush taking in less in taxes but borrowing more.
The develuation of the US Dollar is seen as some as a way to bolster US exports to help the US economy - but somehow it all seems like selling the furniture to live in a house beyond your means.
From the BBC:
The dollar has fallen to another record low against the euro, amid mounting worries over the US' tightly-stretched public finances.
One euro was worth $1.2975 in early Asian trade, down from Friday's previous record low of $1.2973.
The decline reflects market speculation that US public spending will continue to outstrip government revenues under President Bush's second administration.
The dollar is expected to fall further, denting European and Asian exports.
"The euro-dollar's break of $1.30 is only a matter of time," said Naomi Fink, currency strategist at BNP Paribas.
Good for those of us who make a lot of purchases from the US, though. :)
Posted by at November 8, 2004 12:08 PM
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