King Dollar Makes a Comeback
On Friday, the US dollar (broad index) reached its highest level since late February 2008, and is up by more than 2% since its April lows.CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Saturday, June 14, 2008
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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2 Comments:
So what? These types of moves in FX market can be erased in a few days. Revenge for "cheap talk" is common in those markets.
If the FED does not come up with tangible ways of supporting the dollar you will soon see a new low in the dollar index.
The dollar plunged because we got to the "Oil Import Crisis" before anyone else. Now, the market is starting to recognize that the Euros, Brits, and Asians are getting there too.
The dollar's fine. It's, exactly, where it should be. The weakening dollar is nature's way of telling us we're importing a little too much, and not exporting enough. Already, we see a few manufacturing jobs coming home, and some alternative energy schemes taking hold.
The "old" money that clips coupons for a living might not like it (they did fine during the 30's,) but the rest of us will take increasing payrolls, higher wagess, and an expanding economy.
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