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NEWS: Is Dollar Going to Go Further Down?

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posted on Nov, 8 2004 @ 05:32 PM
The U.S dollar was gaining some strength after record low rates as Reuters reported this evening. At the same time, AP Latin America reports that the Cuban government is not going to accept US dollars anymore. This is the news which might change the balance between euro and dollar again.
After a decade as the dominant currency to buy everything from shampoo to canned food to furniture, the U.S. dollar was eliminated from circulation Monday in Cuba.
(...) In announcing the currency switch, President Fidel Castro (news - web sites) said widespread use of the money of his country's No. 1 enemy — the United States — was being halted to guarantee Cuba's economic independence.
Castro said the move was necessary to protect the island nation from an increasing U.S. crackdown on the flow of American currency into Cuba.

Please visit the link provided for the complete story.

Cuba is another country which wants to get rid of U.S dollars. In the last couple of days in China, Russia, East Europe, and many other countries, big businesses and average people were changing their accounts into a different currency. Major sale of U.S dollar can affect both U.S and world economy. According to Reuters the dollar is climbing up again, but my question is for how long? If there will be more news about removing dollar from national central banks, what has to be done to keep it growing?

Related News Links:

Related Discussion Threads:
US Dollar hits all-time low against Euro

[edit on 9-11-2004 by Banshee]

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