The dollar failed to rally Monday, hitting another record low against the euro on last week’s larger-than-expected interest rate cut in the United States. Investors waited for what could be more bad news on the American economy.
The 13-nation euro rose as high as $1.4130 Monday, its highest level since its debut in 1999, before drifting back to $1.4095 in late European trading. That compared with a previous peak of $1.4119 on Friday, and the $1.4083 it bought in New York late that day. In other trading Monday, the British pound edged higher to $2.0223 from $2.0200. [MORE]
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The Dollar is now on par with the Canadian Dollar, too. It’s rather depressing to see all the world currencies gain an increasingly higher value relative to our dollar.
This means that, at this rate, at some point, Americans will not be able to afford to go and spend money outside America, because the exchange rate will make the cost to do so way too prohibitive.