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Loading ...If you have missed the recent financial world news coverage, here’s an update on the “hot” topic: the U.S. dollar continues to lose value on the world market. How far will the depreciation go?
Since 2001, the depreciation of the US dollar against EUR and other currencies has been causing growing concerns in the world market. America’s currency is slowly but surely losing value: At the end of 2005, a record USD EUR exchange rate of 1.3623 was reached; For the year of 2006, the United states currency lost 11% versus EUR. USDÂ value has been gradually declining for the current year. Depreciation reached 5.3% against the euro and 7.3% against the yen. Last week, since the Federal Reserve cut interest rates the dollar has been sliding even more. Yesterday, it fell to a record low, setting a record for the Canadian dollar, which was traded at $1.0091, hitting its highest in 31 years. British pound & Japanese yen followed the trend, jumping record high. Oil prices rose to a record $83.90 per barrel as well.
Tags: federal reserve | depreciation | eur | usd | yen
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September 30th, 2007 at 2:04 pm
No one has spoken about the collapse of the dollar. Barely a news reporter has mentioned it. Yet, since winter 2002 the dollar has lost more than 60 percent of its value against the Euro. In a global economy this wouldn’t seem to be something that business reporters ignore. But they do.