It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

US Dollar hits all-time low against Euro

page: 1
0
<<   2  3  4 >>

log in

join
share:

posted on Nov, 5 2004 @ 11:38 AM
link   
The US dollar hit a brand new low against the Euro currency today, in spite of excellent US job numbers being released this morning.
The US dollar has been falling heavily against most of the worlds currencies in the last couple of years. Bloomberg reports that it's fallen 21 percent since George Bush first took office.

The greenback is at an all time low against the Euro, it's at a 12 year low against the Canadian dollar and a 9 year low against the Swiss currency.

.....

Bloomberg
Nov. 5 (Bloomberg) -- The dollar tumbled to a record low against the euro after German Chancellor Gerhard Schroeder suggested he will tolerate a stronger European currency, overshadowing a surge in U.S. job growth in October...

...The dollar has lost 8.3 percent since its high for the year of $1.1761 on April 26, surrendering gains made on expectations the Federal Reserve would raise its benchmark interest rate from a four-decade low. The U.S. currency is also down this year against the yen, British pound, Swiss franc, Brazilian real and the currencies of Australia and New Zealand.

The dollar is weakening as the U.S. current account deficit widens, economists pare forecasts for U.S. economic growth and foreign demand for U.S. assets wanes. The currency has shed 21 percent since President George W. Bush, who won a second term on Nov. 2, took office in 2001.


Forex Chart

They say the weak dollar is good for exports but the US trade deficit is at all time highs.


[edit on 5-11-2004 by AceOfBase]




posted on Nov, 5 2004 @ 11:41 AM
link   
I got wise a put a bunch of money into the Euro a while back. No point in investing in the dollar. And if OPEC switches to the Euro that will be that much better for me



posted on Nov, 5 2004 @ 11:43 AM
link   
Excellent news!

Now our exports will grow, and out trade gap will shrink.

Thanks for sharing.



posted on Nov, 5 2004 @ 11:46 AM
link   
Cool!
It means my Canadian dollar is now worth 83 cents US... if it holds up, my trip to California in two weeks won't cost me as much as the previous ones



posted on Nov, 5 2004 @ 12:00 PM
link   

Originally posted by moxyone
Excellent news!

Now our exports will grow, and out trade gap will shrink.

Thanks for sharing.


- Why? These things don't 'just' happen.

The dollar's been falling for some time now and your trade gap has just grown and grown to greater and greater record levels.....

...which is inevitable as you don't make much anymore and your gov insists on keeping domestic demand high which just sucks more and more imports in...... at higher and higher prices too.

Great job.



posted on Nov, 5 2004 @ 12:05 PM
link   
The trade gap should shrink because we make a good product that the rest of the world wants. But unfortunately that isn't the case.



posted on Nov, 5 2004 @ 12:11 PM
link   

Originally posted by Indy
The trade gap should shrink because we make a good product that the rest of the world wants. But unfortunately that isn't the case.


And what would that be? Big Macs?



posted on Nov, 5 2004 @ 12:13 PM
link   
Well thats kind of the problem. Thats about the only thing we are good for. Fast food and junk. We make large cars which the rest of the world won't buy. Is there anything that we do make that the rest of the world wants?



posted on Nov, 5 2004 @ 12:14 PM
link   

Originally posted by Indy
I got wise a put a bunch of money into the Euro a while back. No point in investing in the dollar. And if OPEC switches to the Euro that will be that much better for me


It would have been wiser to invest in GBP. The strongest currency in the world.



posted on Nov, 5 2004 @ 12:22 PM
link   

Bloomberg reports that it's fallen 21 percent since George Bush first took office.


So I guess after the next four years, our dollars will be like pesos...great job my fellow Americans...great #ing job...



Excellent news!

Now our exports will grow, and out trade gap will shrink.

Thanks for sharing.


Ever see that movie Eric the Red? He's on an island that's sinking, whilst all around him, the people are insisting that the island isn't sinking, despite the water around their waists....I feel like THAT guy...



posted on Nov, 5 2004 @ 12:38 PM
link   
Don't be too startled the dollar made a new low against the euro. Remember the euro is only a baby. If you convert back to deutsche mark we would need to see the euro around 1.6 for "real" new lows against the euro.

The deal done at the last G7 meeting was to allow the euro to move to 1.32 and the yen to around 103. China also did its part hiking rates in response to the US concession on Taiwan. Everybody wins all around.

Eventually we would need to see the euro around 1.45 but we have plenty of time for that and adjustments are best done slowly. All good news for the USA.



posted on Nov, 5 2004 @ 12:43 PM
link   
Indy, here are the US exports according to the US census dept.


Exports of goods 2003

Capital goods, except automotive
$293,621 million (Semiconductors and Computer accessories top the list)

Industrial supplies and materials
$173,043 million (Plastic materials and chemicals top the list)

Consumer goods
$89,908 million (Pharmaceutical preparations and 'Other household goods' top the list)

Automotive vehicles, parts, and engines
$80,686 million

Foods, feeds, and beverages
$55,026 million (soybeans and meat/poultry top the list)

Other goods
$32,488 million


Services exports 2003

'Other Private Services'
$115,614 million

Travel:
$71,893 million

Royalties and License Fees
$40,696 million

Other Transportation:
$28,442 million

Passenger Fares:
$17,926 million

Transfers Under U.S.Military Sales Contracts
$12,539 million

U.S. Government Misc. Services
$831 million

US Imports and Exports 2003


[edit on 5-11-2004 by AceOfBase]



posted on Nov, 5 2004 @ 12:44 PM
link   

Originally posted by Indy
Is there anything that we do make that the rest of the world wants?


Weapons?

And the market for them is sustained by the war of terror.

The central banks and moneymen of the world markets are running to the Euro as a safe haven while the US embarks on 4 more years of Bush the war president with nothing to loose.

Watch the debt climb.

Anyone know what happens in a country with a falling currency and record debt? Im not an economist but Argentina and Mexico come to mind.

Am I wrong about where all this is heading?

.



posted on Nov, 5 2004 @ 12:45 PM
link   
Its good news for the USA as long as you don't want to buy electronics and as long as you don't plan on going on vacation to Europe. Lets face it. All the good computer hardware is manufactured in Asia. A weak dollar hurts consumers. Now if the good stuff was made here then it would be a good thing.



posted on Nov, 5 2004 @ 01:03 PM
link   

Originally posted by Gazrok
So I guess after the next four years, our dollars will be like pesos...great job my fellow Americans...great #ing job...


Every time I read a post of yours, it's a doom & gloom attitude.

Sometimes a nation needs to learn a lesson on being humble after being #1 for so long & suddenly finding themselves dropping down from #1. And I doubt it will come down to the "pesos" level.



posted on Nov, 5 2004 @ 01:20 PM
link   

Originally posted by mrdependable
Don't be too startled the dollar made a new low against the euro. Remember the euro is only a baby. If you convert back to deutsche mark we would need to see the euro around 1.6 for "real" new lows against the euro.


- Wow, best bit of 'spin' I've seen on this all day. Very funny too....in a sad kind of way.

Except the Euro isn't the Dm, it's all the western Euro currencies (bar a few) in one.

It's like saying all the Euro currencies aren't quite the DM so it's all ok.

Wow, er, if you say so mate.


All good news for the USA.


- Well as has been said before it might be if you actually made anything anyone wanted, in numbers.

Trouble is you don't.

We don't want your arms (and the world can do without you selling them to every loon out there) and your absurd fatso gas-guzzling cars/SUV's you can keep.....I mean really, what do you make that anyone could want in sufficient quantity to turn your trade gap around?

.....and where is the political guts to do anything remotely like moderating never mind cutting your vast appetite for borrowing to spend on importing the things you don't make?

People talk doom and gloom over this because it is.

Every time in the last 20yrs you have depreciated the $ to make a correction in your trade-gap (and your borrowing) you have in no time at all blown the advantage agreed and given you and just started racking it and your mountain of debts up again.

That says pretty doom and gloom to me, sadly.

Particularly with the way oil is and the general insecurities in the markets these days.



[edit on 5-11-2004 by sminkeypinkey]



posted on Nov, 5 2004 @ 01:28 PM
link   

Every time I read a post of yours, it's a doom & gloom attitude.

Sometimes a nation needs to learn a lesson on being humble after being #1 for so long & suddenly finding themselves dropping down from #1. And I doubt it will come down to the "pesos" level.


Yeah, I've had a bit of Chicken Little syndrome after half of my fellow countrymen kinda doomed us. I hope to goodness that I'm completely wrong and off base, but logic is screaming in my face otherwise... Hopefully I'll feel better after the weekend...


*sits down to eat America's heaping helping of humble pie*



posted on Nov, 5 2004 @ 01:38 PM
link   
I realised this would happen to U.S.A quite some time back, the funny thing was - Nobody Belived Me!!

Whenever people debated about Bush Junior, I kept going on those and saying "he is weakening America's econonmy..." etc, etc, etc...
and not ONE of them belived me, typical most of them were americans


All I can say is - Nice one America
, you've got Bush back, be proud... and for gods sake I damn well hope that America turns to Germany (Post WWII) where they had to carry wheelbarrows of money just for a loaf of bread... like to see you goto McDonalds 5 times a day now! LOL



posted on Nov, 5 2004 @ 02:00 PM
link   
Time for me to be selfish. This is absolutley brilliant news! I intend visiting the US at some point in the near future. Time for some great bargin shopping



posted on Nov, 5 2004 @ 02:13 PM
link   

Originally posted by sminkeypinkey

- Well as has been said before it might be if you actually made anything anyone wanted, in numbers.

Trouble is you don't.



[edit on 5-11-2004 by sminkeypinkey]


Really what type of computer are you using right now? What type of processors is in it?

If you ever travel by plane what type of plane do you fly in?



new topics

top topics



 
0
<<   2  3  4 >>

log in

join