Wednesday, March 19th, 2008
With the US dollar in free fall, people are looking at other currencies:
Antique store owners in lower Manhattan, ticket vendors at India’s Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don’t want U.S. dollars.
Hit by a free fall with no end in sight, the once-mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad: Its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies.
Experts say the bleak U.S. economic forecast means it will take years for the greenback to recover its value and prestige.
Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency — and dollar aversion is even extending to some quarters in the United States.
Read more.
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Monday, March 3rd, 2008
US stocks are expected to open lower amidst continuing worry about the US dollar and economic growth. In other regions stocks performed badly, with Japan’s Nikkei losing 4.5% and European stocks dropping sharply. Due to a large US defence contract EADS and Northrop Grumman both saw their shares rise, 5.3% and 7.4% respectively. Boeing’s shares, which was competing for the contract, dropped more than 5% in early Frankfurt trading.
Stocks looked set to kick off the first trading day of March on a downbeat note, as worries about the slowing economy and weak dollar continued to stalk investors.
About three hours before the start of trading, Nasdaq and S&P futures were lower, indicating a negative start for Wall Street.
Economic concerns and worries about the health of the financial sector sent stocks sharply lower Friday.
Those concerns spread overseas. Japan’s Nikkei closed Monday’s session 4.5% lower while European stocks dropped in midday trading.
Read the full article at CNN MONEY.
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