RSSIs the dollar gaining some momentum right now? The price of crude oil has reached the record highest and so is the price of gold. The presidential nomination campaign in the US could possibly be credited for the hike of dollar.
The price of dollar in the local market had plunged down to 60.00 at some point. Now it's hovering around 68.00 mark. It has been at 68.00 for quite sometimes now and shows some signs of being there or above the 68.00 markup in the days to come. When the dollar was at it's highest, the value in the local market was somewhere around 75.00, isn't that huge? The international market has already experienced the lowest of dollar against other big currencies like the Euro and pound sterling. Now that the Bush administration is almost coming to an end, it seems like the economy is flourishing as well.
With the decreased dollar, I have been hit really hard. I always love to see the dollar getting more and more expensive in the international market and I hope this trend of dollar gaining it's previous momentum continues and will remain consistent as well.
Dollar Gaining Some Momentum
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While I understand the excitement in seeing the USD gain in value against most other currencies, I have to disagree that it is actually a good thing.
The US economy relies upon international trade and tourism. When other countries can no longer afford the cost of US goods because the dollars is so high, export will slow, hurting US export companies. When international travellers can no longer afford to spend money in the US, they will go elsewhere. This directly affects the local economies of pretty much every bigger city, and the overall economy of each state.
I think in a time of financial crisis, the dollar needs to hold steady at a lower rate.
Just my opinion.
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