Dollar hits fresh 18-year high

[anakie]

Source: The Australian

THE dollar has opened near 89 US cents after strong interest in the Euro and the New Zealand dollar pushed the local currency to a fresh 18-year high against the weakening US dollar.

On Friday night, the US dollar hit its lowest level against its major trading currencies, with the US dollar trade weighted index dropping to its lowest level since the US Federal Reserve launched the data series in 1973.

At 7am AEST, the dollar was trading at $US0.8881/85, up firmly from Friday's close of 0.8823/29.

During the weekend session, it traded between a low of $US0.8786 and a high of 0.8893 - its highest level since February 13, 1989, when it reached $US0.8899


Read more: http://www.theaustralian.news.com.au/story/0,25197,22510551-12377,00.html

---

Woohoo. The Australian Dollar that is. Great for us, and up 10 cents over the last 4 to 6 weeks. We may even plan another trip to the US on the back of this.

Seriously, this is receiving widespread press over here in Oz. Do the great mass of the US realise how bad things are over there re the dollar, despite your Great Leader's continual assurances that the US economy is going great.


Peace

[NMDemDist2]

1. i read the headline and thought "Whose dollar are they talking about?

It can't be the USD"

and I was (sadly) correct

[Adsos Letter]

2. well...how about $4.50 for a gallon of milk?

we are seeing plenty in our grocery bills...

[AlecBGreen]

24. yeah, WTF?

A gallon went up ONE DOLLAR in a 2 weeks here in VA. $3.50 to $4.59.

:wtf:

[mbperrin]

26. Or last night, here in west Texas, milk at $5.37 a gallon!

nt

[AlecBGreen]

27. omg

:wow:

[AlecBGreen]

28. omg

:wow:

[Warpy]

3. It might have hit that against the Oz dollar, but it didn't stay there.

For up to the minute data, visit http://www.xe.com/

The great mass in the US can't afford to travel anywhere. We're getting robbed on housing, health care and taxes and our wages have been depressed since 1969.

Unfortunately, most of them are too dim to put two and two together when they're shopping for food, clothing, or gasoline. Maybe when they're paying $3.00+ per gallon of home heating oil in New England this winter the reality of what a weak dollar does to them will sink in.

In the 70s, they managed to blame the high inflation on unions. "Unions made paychecks to high, there was too much money chasing too few goods," they crowed, covering up the fact that neither Nixon nor Ford did a damned thing about OPEC.

It will be interesting to see how they blame working people this time around, since so many of us aren't working and those who are have been squeezed to death for years.

[anakie]

4. it may not have stayed at that amount

but is is up 7 cents since 1st Sep 2007

http://www.xe.com/ict/

which is close to 10 percent, and people are expecting as much as 90 cents in the near future.

Of course it may be Clinton's fault, or the Democratic Congress, or something else. Not the great and fearless leader. And with oil around USD80 it may be a long winter for many over there.


Peace

[dickbearton]

7. Quite right, most Americans are pretty dim...

How else do you get eight years of the dimwitted, Criminal
Bush; and that many, plus more, from the Corrupt Republican
Congress and their Contract on America.

[Warpy]

9. No dimmer than anyone else

but brought up to believe we have a free press that reports the truth.

It's the same thing that kept Pravda's editor in furs until very late in the game in the USSR.

[pnorman]

16. With Pravda, the Russian people had long ago learned how to "read" it.

Likewise with all the rest of the mind-fuck media there. So by the time the Soviet Union crumbled, they were remarkably well-informed.

They did that out of grim NECESSITY. We here are approaching such NECESSITY. But will we too "learn"? I'm (guardedly) optimistic.

pnorman

[Warpy]

19. I'm very optimistic

because I watch people very carefully when I'm out and about. People know when the talking heads come on CNN on those ubiquitous sets to pacify us when we're in a queue for something or other that they're full of shit as they merrily chirp about this wonderful economy. People know because they've seen the price at the gas pump, at the grocery store, and from their home heating supplier. Because those carefully coiffed young things are so earnestly lying about the economy, people realize they're just as earnestly lying about other things: the war, health care, the ability of Team Stupid to walk and chew gum, all of it. In fact, I would imagine most of the folks out there realize the only things likely to be true on the evening news are the sports scores and the weather forecast.

Watch expressions some time when you're out and about. People are smelling the bullshit.

[AnneD]

23. Oh Warpy...

Team Stupid....:spray::rofl:

Gimme some of that girlfriend.....

[pnorman]

25. My mobility is pretty well limited at present,

so my physical interaction with other people is essentially zero. Also, I haven't watched TV for about a decade, so my news & information input is solely from the internet and XM satellite Radio (Mainly "Air America"). I'm almost certainly FAR ahead of the Dittoheads of Fox Noise there. But I'm missing much of the "fine grain" texture of what's going on in the "real world". Accordingly, I tend to mistrust any "gut feeling" I may have on this. But YES, I DO have a feeling that the tide has definitely turned! I just hope that it will be in time. I can't think of ANYTHING in past history, that has prepared us for that Anti-Christ in the Oval Office!

pnorman

[shireen]

5. just bought some Cretaceous fossils from Australia

From a neat rock shop in Queensland, http://www.coolrocks.com.au/ . Really nice sellers.

It was a big purchase, so when I converted the total from AUD to USD, it was a big surprise. Then -- next surprise -- I went to the yahoo finance page and checked the trend between those two currencies. Damn! I could have saved a lot if I had bought it just a few months earlier! This is really crazy.

We (in the US) are in soooo much trouble. Meanwhile, most of the country seems blissfully unaware.

[krispos42]

6. Not now! I'm on watch for another shot of Britney's beaver!

And I'm writing letters of support to Linsey Lohan! I'm too busy!!!!

[skids]

8. Hah! The great masses of the U.S. ...

...those with an IQ are too busy playing Halo 3 to pay attention. The rest don't realize there is any currency other than the U.S.dollar.

[BootinUp]

10. We are too busy looking for bargains at Walmart

[silverojo]

11. Or being forced to shop there, by Bush's ruinous policies

:mad: :mad: :mad:

[truthisfreedom]

12. Helps US exporters.

Does little else to help the US, though.

I'm a US exporter. I'm smiling for now, but I see a foreboding future.

[Warren Stupidity]

13. People are starting to figure it out at the grocery store.

The crooks in washington are driving the dollar down under the odd theory that the stuff we no longer manufacture will regain its competitive advantage against those damn furriners, primarily the Chinese, who it seems manufacture everything on the planet these days. Although as the Chinese Yuan is at least partially pegged to the dollar, it is unclear how turning dollars into dimes is going to help much in boosting the exports of all the stuff we no longer manufacture. It will help tourism. We could develop sort of a retro second world economy.

[rodeodance]

14. yes, at the grocery store----

[axollot]

15. Well - Great news for Australia!

I remember very well when the dollar was at.89 cents to the Aussie. I was living in Australia and pregnant with my eldest - seems like any time I move one way or the other (back to US or OZ or just visiting even) the rate always goes against me! Been considering a visit LMAO.

I knew our dollar had tanked already though when I am paying .47 pence to the Pound with the US dollar. I import heaps from the UK. UGH!

Inflation anyone? And it will get blamed on the Dems...watch and see.

Cheers
Sandy

Forgot to add my ex MIL in OZ will probably tell me how strong the Australian economy is under Howard (puke)! Instead of how WEAK the US has become - she will think the great "Liberal" (which btw, isn't liberal at all - it echo's neocon crap) Party helped them all!

[anakie]

30. first time I travelled to the US

in November 1992 (what a month for you guys!) I was getting around 59 cents for an Aussie. 10 years later in 2003 I was getting about 70 cents. Much better but still an expensive trip.

Just looking on the exchange rate this morning and is showing at .8941 per AUD. Half a cent to go. Whoo hoo

And yes, Howard is crowing that the Aust economy is going strongly and it is all because of him and his Liberal government (how that L word is different down here). Especially so at the moment about 1 month out from the election.

Yesterday's Newspoll - considered the best guide - he/they are still 12 points behind Rudd and Labor. Here's hoping.


Peace

[Kip Humphrey]

17. Wrecking havoc with my diet of kangaroo burgers!

[KurtNYC]

21. and MY gumdrops habit...

I am jonesing for more "G'day gumdrops"

Oy oy oy

[DJKDJKDJK]

18. This all has to be an Illuminati plot

to hand power over to China and to bankrupt Americans.

It's the only possible answer. If you want to get out of the country...which you will...you will have to give up everything but everything is essentially worth nothing in these lands and even less in other ones.

[Froward69]

20. I bought euros but sold them

when Bush was selected the first time figuring I needed the cash for his soon to be failing Domestic policies. Well I needed the cash to keep my business afloat. looking back I should have held them Let my business go under and sold this week. I would be in far better shape. Thanks Bushyboy.

[Eurobabe]

22. Not USD, surely you jest, euro hit 1.43

then knocked back after some profit taking. Look for 1.45 by end of next week. JMHO.

[Joanne98]

29. That must be the "Alice in Wonderland dollar"...........

[DuaneBidoux]

31. Header on post is wrong-foreign currencies hit record high/dollar record low.

[anakie]

32. depends from which side of the world you are looking from LOL n/t

[DuaneBidoux]

33. Not really. Dollar is weaker. Other currencies are stronger.

Doesn't matter what side you look from.

[ozone_man]

34. I visited Oz while the U.S. dollar was strong.

Back in 1995 and 2000. But I think I'll pass on anything but my Canadian vacations where I can control the costs a bit more. That Loonie has gotten so strong too.

Anyway, come visit us Yanks for a great budget vacation.