Why Currencies Are Going To Continue Fluctuating Like This
And the see-sawing continues. Today, the euro fell against both the dollar and the pound in the continuing international game of Who Has The Worst Economic Data?
Today, it looks like the European Union is taking top spot on the undesirable list, causing investors to lose some confidence in the euro. As CNNMoney.com reports, HFIX senior currency strategist Gareth Sylvester, says to look at it as a loss for the euro instead of a rally for the dollar. These days, nobody is really a winner in currency plays.
Take the US$ for example. Even while it “gained” on the euro, it fell to the British pound. But while the U.S. had poor economic news that caused it to topple against many of its competitors, mainland Europe’s data was even more abysmal.
A report issued today showed that consumer price index dropped more than expected last month in addition to weak economic data issued by Germany, Italy and Spain. All in all, it wasn’t a pretty picture and investors seized on it as a reason to bring the euro to new lows for the new year.
But don’t think the game is over by any chance. According to Sylvester, “a currency should reflect the health of its country’s economy,” and therefore he expects all of the major players to continue fluctuating for a while to come.
Thursday, January 8, 2009 - by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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