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Dollar Sinks To 10 Week Low Against The Euro

Published 07/03/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

The dollar sank to a 10 week low on Wednesday after news of a troublesome job loss report, according to The Wall Street Journal.

The failing dollar spells problems for the future of the currency. OPEC nations are now accepting the euro, challenging to dollar’s current status as the world reserve currency. Soon, other nations will lose interest in purchasing and investing in the greenback if we continue to print more with nothing to back it up.


Source The Wall Street Journal:

The dollar fell to its lowest level against the euro in 10 weeks early Wednesday in New York after a weaker-than-expected U.S. jobs report.

This could bode ill for the official U.S. jobs report for June due Thursday, which would spell more trouble for the greenback. Economists were already expecting a 55,000 decline in the government's nonfarm payrolls report, so Wednesday's private data suggest that may even be lower.

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