Hope for the dollar
Posted by Edward Dy on August 5th, 2008
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Photo Credit: kevindooley
In one sweep, the US dollar under the administration of President George Bush has lost 33.8 percent of its value. This is the dollar’s worst performance ever under one administration.
The escalating twin deficits, lackluster economic performance, including the environment of stagflation at present have all contributed to a drastic and unprecedented loss of confidence in the US currency.
Investors in general are pretty optimistic about the thought of a new President taking over administration, come January. They couldn’t care less whether it is Barack Obama or John McCain that will win in the end. They argue that since the dollar seems has touched bottom anyway, the new President stands to preside over a recovery of the dollar.
“We look at the dollar as a brand and any change from Bush will help benefit the dollar,” according to Reuter.
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