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Tuesday, October 18, 2005

The New York Times is still wrong on the dollar 

By TigerHawk at 10/18/2005 01:44:00 PM
The dollar hit an 18-week high against the Euro today, which reminded me that it had been a while since I brought our loyal readers up to date on the New York Times currency trading track record. You will recall, perhaps, that the Gray Lady declared on April 2, 2005 that, on account of the Bush administration's many policy errors, "the dollar is heading down, no matter what." On that date, a single Euro was worth more than $1.29. Today, it is worth just over $1.19.

"No matter what." Oops.

Beware newspaper editors who think they are smarter than the collective wisdom of a liquid financial market. It is evidence of rather startling arrogance.

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3 Comments:

By Blogger Dan Kauffman, at Tue Oct 18, 10:49:00 PM:

The Value of the Euro against the Dollar peaked just before the end of last year and has been on a roughly downward trend ever since,

Forget 18 WEEK highs look at the last 10 months.

http://finance.yahoo.com/q/bc?s=EURUSD=X&t=1y&l=on&z=m&q=l&c=  

By Blogger TigerHawk, at Wed Oct 19, 06:16:00 AM:

Indeed.  

By Blogger Admin, at Wed Oct 19, 10:29:00 PM:

"The dollar fell 21 percent against a basket of six major currencies from the start of 2002 to the end of last year. The trade deficit swelled to a record $609.3 billion last year and total U.S. government debt rose 8.7 percent to $7.62 trillion in the past 12 months."

kinda feel sorry for the semi-rich in this country, their supposed wealth will disappear when the dollar slides, the rest of us dogpaddling middle class will just take it in the chin like we always do...at least we don't have as far to fall..  

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