It’s been a few months since I’ve last posted but I have been extremely busy with my new job. So, where did I leave off? Ah yes, the economy….it’s kind of hard keeping a straight face while typing because our economy is the epitome of a bad joke. The world’s super power is bailing out banks and the auto industry for about $735 billion dollars, unemployment is creeping to scary levels, foreclosures are rampant, and most of us are rubbing our last two pennies together at the most inopportune time: Christmas. [...]
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It seems that the octopus that is recession is slowly spreading its tentacles around the entire world. Recession is starting to look more like a global pandemic than a domestic endemic. The U.S dollar is finally starting to come out of it’s slump and is making headway against the 5 major currencies; noted by the steady augmentation of the dollar index. The frightening part is that three of those 5 major currencies, the Euro, British Pound, and Yen, are flirting with recession. Read More>>>
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The U.S Dollar posted its best gain in 6 years, partly due to crude’s barreling of $4.82 to $115.20. The U.S Dollar posted a 1.6% rise in the Dollar Index. The Dollar Index measures the dollar’s performance against the 6 major currencies: the Euro, Japanese yen, British pound, Swiss franc, Canadian dollar and Swedish krona. On March 16,2008 the index bottomed to 70.698, yesterday’s close was 75.850. Yesterday’s 1.6% jump may seem small but it is the best gain since 2002. This is a significant improvement that deserves some merit, it indicates that the U.S economy is rebounding as other economies experience some exhaustion. Some countries in the EU, England especially, are experiencing some of the financial woes that we are. This may also foreshadow a decline in interest rates in some of the EU countries.
Crude Oil is at it’s lowest since May 1,2008; this is a good thing. Oil has been on a decline for the past two weeks which is concomitantly lowering the dollar. The dollar has been showing increased fortitude against the Yen, Euro and British Pound for the past two weeks, just as oil has been declining. The British housing market has witnessed its largest monthly decline as foreclosures are becoming as imminent as they are here.
This is a good sign for the USD. Analysts say that bear markets last 5-10 years, the U.S has been in a bear since 2001. This increase in the index signifies that the future for the USD looks bright; well at least brighter than before.
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