Dollar Posts Biggest Monthly Gain Since Euro Debuted in 1999

Ye Xie
Bloomberg
Sunday, Aug 31, 2008

The dollar posted its biggest monthly advance against the euro since the European currency’s 1999 debut on evidence economic weakness that began in the U.S. spread and as crude oil prices declined.

The greenback increased against all of the other major currencies in August, climbing for a fifth straight month versus the yen. The pound depreciated the most against dollar since 1992, when financier George Soros made $1 billion breaking the Bank of England’s defense of the British currency.

“The situation in the rest of the world is deteriorating much faster than the market was expecting,” said MatthewStrauss, a senior currency strategist in Toronto at RBC Capital Markets Inc., a unit of Canada’s biggest bank by assets, in an interview on Bloomberg Television. “The gains in the U.S. dollar were more by default.”

(Article continues below)

The dollar climbed 6.3 percent to $1.4673 per euro yesterday, from $1.5603 on July 31. It touched $1.4571 on Aug. 26, the strongest level since Feb. 14. The U.S. currency advanced 0.8 percent to 108.80 yen, from 107.91, in the longest stretch of monthly gains since January 2002. The euro fell 5.2 percent to 159.40 yen, from 168.39, the biggest monthly drop since March 2004.

The ICE futures exchange’s Dollar Index, which gauges the greenback against the currencies of six major U.S. trading partners, rose 5.3 percent this month. It reached 77.619 on Aug. 26, the highest this year.

Full article here

• 
• Social bookmarks
• 
• Email this article
• 
• Print this page

Comment Terms Of Use

6 Responses to “Dollar Posts Biggest Monthly Gain Since Euro Debuted in 1999”

1. ANTI NWo4eva Says:
   August 31st, 2008 at 12:21 pm

   I had inside information from a higher up in Europe that this would happen. The dollar will continue to go up as oil goes down. The only difference now is that we are living in a paradigm where you could see oil going up or down by several dollars a day, and the dollar going up or down just as drastically.

   This all goes to show that this stuff is manipulated and controlled from behind the scenes, and the object of all of it is to hurt middle class investors. The U.S. will eventually become a 2nd world country, comparable to Argentina, Brazil, South Africa, Eastern Europe and other such places. That is the aim of all of it, to bring our strong middle class to it’s knees. But this is America though. We are not gonna take that crap as easily as most other people have and do. This country was born out of a revolution, and it will die in a revolution.

2. Anonomous Says:
   August 31st, 2008 at 1:32 pm

   Does this mean that our U.S. dollar value has gotten better and that crude oil prices have gotten cheaper?

3. winston Says:
   August 31st, 2008 at 9:15 pm

   This country was born out of a revolution………
   ———————–

   you mean holocaust?

   oh – and countries aren’t “born”. It’s geology.

4. beijingyank Says:
   September 1st, 2008 at 7:44 am

   Gold is currently at $818 and looks like it will go down further.

   Alex, you are one snake oil salesman fool.

   How many people bought gold at over a $1,000 thanks to your unprofessional opinion?

   Dude, stick to what you do best. Investigative journalism and let the facts speak the truth. Interviews are great when you can sit still and keep your mouth shut thinking about good questions. 911, hit them hard with facts. The Fed, go after these bastards if it is just for the memory of Aaron. War crimes, war profiteering, Bushniks…Stay away from math, investments, and China please. I ran out of barf bags listening to your drech about things you don’t have a clue about.

5. Revolt426 Says:
   September 1st, 2008 at 11:27 am

   By the way the whole market is being manipulated as well, however the goons are losing control over it. Why do you think Lord Rothschild of the IMF ordered an AUDIT of the Federal Reserve then kept it VERY quiet. barely anyone reported on this. The dollar is in a debt bubble to the magnitude of more likely than not, 2x worse than the Great Depression. There are so many god damn Dollars in circulation that the Federal Reserve STOPPED printing the M3, although people do have very good estimates of where the M3 is, and its BAD. As i said before the only reason the dollar is going up is because the banking cartels are buying them to prop it up, they are also dumping gold and silver and trying to start panicy sell-offs. They cannot dump Gold/Silver Forever because they will deplete their supplies, as i said before this is a temporary trend due to bank manipulation. The Prices of Gold do NOT correspond with the economic situation we are in at the moment.

6. Rally Says:
   September 1st, 2008 at 2:30 pm

   It’s all about the dollar, isn’t it?

   http://illuminatimatrix.wordpr.....oss-oft-i/