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Dollar Posts Dramatic Rally
The US dollar posted a substantial rise during the first week of August, signally that its long, seven year slide might finally be at an end. At the end of the week, the Euro was worth just over 1.50 US dollars, and it looks to start this week off even lower. The UK Pound ended up worth just over 1.92 US dollars.
The weekly rise for the dollar was the largest since 2000 and signaled good news for US investors, while indicating increasing troubles for international economies. The dollar’s gain came as oil prices have dropped from record peaks of over $147/barrel by some $30.
The Euro had reached record highs against the dollar in July, with one Euro being worth over $1.60 at one point. The pound had also reached levels in late 2007 and earlier in 2008 that hadn’t been seen in several decades. In November, 2007, the pound stood at over $2.10, and has hovered around the $2.00 mark since March.
It will be interesting to see what develops on the international money market, as international investors had been taking advantage of the low dollar values to spend on travel and real estate in the US and other dollar-based economies. Though the trend may have turned, the rates are still quite favorable for those who are looking for bargains in the US.
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11/08/2008
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