Euro hits $1.6038, new record against US dollar
Source: http://new.goldmau.com/article.php?id=291Posted on Tuesday, July 15th, 2008 | In Economics, Gold Markets
The euro roared to a new high against the dollar on Tuesday, reaching $1.6038 in European trading as markets worried about the ongoing U.S. lending crisis and the state of the country’s economy.
The 15-nation currency’s new all-time high against the dollar surpassed its previous record of $1.6018 set on April 22.
After reaching the record, the euro fell back to $1.5969 — still above the $1.5916 it bought in late New York trading Monday.
The rise means that everything is more expensive for Americans who are traveling in the euro zone, from ice cream to beer to souvenirs.
“Obviously it is a problem,” Gary Berman, a New Jersey cardiologist visiting Berlin said. “I think twice about where we have dinner now, and I work harder to negotiate rates.”
The increase came even as a new report showed that German investor confidence tumbled to its lowest level in more than 16 years amid soaring food and oil prices in Europe’s biggest economy.
Last 5 posts by John Lee
- How Equity And Currency Markets Behave After Financial Crisis - June 2nd, 2009
- Aristotle's Choice Of Money Revisited - May 1st, 2009
- Feed the World - and Boost Returns - Don Coxe - November 10th, 2008
- The Problem With Deleveraging - John Mauldin - November 10th, 2008
- Obama to the Rescue? - John Browne - November 6th, 2008
 About John Lee (http://goldmau.com)
Mr. Lee runs a successful resource focused hedge fund (limited partnership). He is a CFA charter holder and has degrees in Economics and Engineering from Rice University. Mr. Lee has a keen interest in the history of money and economics, and he previously studied under Mr. James Turk, a renowned authority on the gold market. Since 2001, Mr. Lee has researched hundreds of mining companies and personally met with dozens of management teams. He is a sought-after speaker at all major resource conferences and publisher of articles at various online news websites such as Kitco.com. |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.