Dollar Hits Record Low Vs Euro

[Khephra]

NEW YORK (Reuters) - The dollar dipped to an all-time low against the euro on Thursday for the sixth consecutive session, as traders took aim at technical targets in a thin market.

Many foreign exchange desks had skeleton crews, but traders who were around pushed the U.S. currency broadly lower, positioning themselves for further declines next year on the back of a weaker-than-expected index of business activity in the U.S. Midwest.

"People want to go into the weekend and the new year positioned for a weaker buck, which is the way that it has been pretty much since the election," said Tim Mazanec, director of foreign exchange with Investors Bank and Trust in Boston.

By early afternoon, the euro eased to $1.3645 (EUR=: Quote, Profile, Research) , after rising to a new high of $1.3667, according to Reuters data. An options barrier was broken at $1.3650, which triggered stop-loss orders above that level.

http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=7209753

[gratuitous]

1. A new low for SIX consecutive sessions?

Does this even qualify as "latest breaking news" anymore? I mean, I'm not alerting the moderators or anything, but sheesh! Our economy's going into the dumper.

Time for another round of tax cuts.

[TahitiNut]

5. I have yet to see any consensus projection of a "bottom" to this.

The repeated refrain is about the devaluation ... but there doesn't seem to be an empirical projection of an equilibrium point. That's not good.

It also makes me wonder how much of the 'gains' posted on the equities exchanges are solely attributable to dollar devaluation.

[sweetheart]

16. the mysterious bottom

I can't help but wonder if the bottom is not limited to when bush is
evicted from his criminal eterprise in his neo-nazi party white house.

Most of the world's trading partners who will take it in the shorts
with the devaluation paid the price of world war 2 in millions of deaths
so to prevent another bush-hitler, its only money... and trashing the
dollar to put down the bush criminal war machine is but a small price
to pay next to the historical empire of what people like bush can do
when they are left unchecked.

[amazona]

2. for the love of pete this gets old

We see the same headline every darn day. It is really scary to visit Europe nowadays.

[retread]

15. Yeah, but that is just "old Europe" anyways!

*

[Karenina]

3. Just opened confirmation of a booking

on my account. 300 dollars at 1.366800 after fees makes 203€. :wow:

[aikido15]

4. This has become a constant reminder....

of shitty Bushenomics...sad.

[TrustingDog]

6. maybe this is what is keeping George busy...

trying to count his money in his RovianFatPiggyBank

[SpiralHawk]

7. Thanks a Royal Pantload, pResident Bunnypants

This is another of your royal screwups.

And America will, once again, pay the price of having you at the helm of our sinking Ship of State: The S.S. Chimpy.

[bullimiami]

8. how many times has this been the headline.

[Bridget Burke]

9. It's tied with "Huge Explosion in Baghdad"

As most popular thread topic....

[TrustingDog]

10. erm, too many?

there's some Real tough times ahead folks. Bush seems to be on a direct path to sink his own country - on purpose.

[Khephra]

11. Who needs a draft?

BushCo will just wreck the economy and force the unemployed to join up with the military simply because there's nothing else out there.

Of course, all the wealthy Republicans know that their money will be safely invested in the weaponry, fuel, and Homeland Security scams, so they're not worried.

[TrustingDog]

13. I just gave myself the creeps... was about to say...

but we could go into commune living... save our seeds, plant them... work together for a simple life instead of sending our kids out to flip Iraqis instead of burgers...

but shit no. Monsanto owns our food. Can you even Buy grain that is not 'patented' terminated gened these days? How about simply garden packages - corn for example, can you Save that seed for next year?

Was talking to a florist/plant man in the area and he is just disgusted and beaten down with how the big corps are taking rights to simple plants and now he has to keep track and Pay them license fees to resell by seed.

We Are Fucking Owned.

[DBoon]

21. This is called "feudalism"

They own us just as surely as medieval lords owned their serfs.

[whatelseisnew]

23. Yes, there are people "saving our seeds"

Check out Seeds of Change http://www.seedsofchange.com/
and try researching heirloom seeds (ie. tomato).

[KayLaw]

24. Just try it

We've accidentally grown pumpkins by dropping seeds. You could try to grow something in a pot and see what happens. Fun experiment, anyway.

[Liberal In Texas]

12. Their $'s Are Abroad

Can't remember where I saw it, but the wealthy guys who benefited from the tax cuts are mostly taking their windfalls overseas for investments, not creating jobs here.

As the dollar falls, there is more incentive for them to invest there. Vicious circle - downward.

[TrustingDog]

14. money never dissappears, it just re-appears in the same big pockets.

[sandnsea]

17. They get phony profits

Multinationals sell 60% overseas. So when they sell something for a Euro, they get $1.36 US for it when they bring it home. Instant profit for doing absolutely nothing and less/no taxes on capital gains, dividends, etc. They are just raking it in and we're paying for it. :grr:

[SammyWinstonJack]

19. I'd say that would be the definition of Anti Americanism

What'da ya think, lurking FReepers?

[Deja Q]

18. Can they please stop saying 'all time low'? It ain't goin' back up, so

a record for this is like the billionth person dianogsed with AIDS. TRAGIC.

[orpupilofnature57]

20. He has the midas touch in reverse, and in the end, he's still loaded

And how many *s are making out on this situation.

[Chicago Democrat]

22. Woo Hoo!

Go Euro!