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April 29, 2008

The sliding Euro

If you think we're the only ones worried about our economy, think again.

small_dollar_recession.cr.03.jpg

Thomson Financial News (via Forbes) reported that consumer confidence in France slipped in April. A Reuters story (via The Guardian), said the Irish Consumer Sentiment Index hit an all-time low this month, too. Also, European retail sales dropped the most in more than four years in April as rising fuel and food prices squeezed shoppers' budgets, the Bloomberg purchasing managers index showed.

All this worry overseas has helped lower the Euro's value against the Dollar.

Last week, the euro hit a new all-time high of US$1.6018. But news reports show that in midmorning trading in Europe the euro stood at US$1.5574, down from the US$1.5645 late Monday in New York. The British pound was down to US$1.9875 from US$1.9900 in New York, while the dollar slipped to purchase 104.15 Japanese yen from 105.26 on Monday.

It's not a huge slide, but if economic concerns continue to spread across the globe, it probably won't be the last slide we'll see on either side of the pond -- especially if the Fed decides to cut interest rates again. It's going to be awhile before you feel good about spending the dollar overseas. 

(CNNMoney.com photo) 

Posted by Dan Thanh Dang at 3:28 PM | | Comments (0)
Categories: Odds & Ends
        

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