Fed's move causes further dollar erosion
The dollar lost more ground to the Euro this morning, as might have been expected. The only way the Federal Reserve can address the mortgage meltdown is to flood the world with dollars. You remember what they taught you: value falls when supply rises relative to demand. There is little demand for dollars. This from the AP:
LONDON - The U.S. dollar was lower against other major currencies in European trading Wednesday morning. Gold edged higher.The euro traded at $1.5455, up from $1.5319 late Tuesday in New York.
