Posted on 11/23/2007 6:09:00 PM PST by shrinkermd
The U.S. dollar dropped below the 108 yen level early Friday in New York for the first time since June 2005, reflecting the expanding credit crisis.
At 8:30 a.m., the dollar was quoted at 107.90-108.00 yen, compared with its 5 p.m. Thursday quotes of 109.11-14 yen in Tokyo
At 8:30 a.m. in New York, the euro traded at $1.4800-4810 and 159.80- 90 yen against $1.4813-4816 and 161.66-70 yen in Tokyo.
(Excerpt) Read more at breitbart.com ...
$1.50 US for one Euro is almost here.
IMHO, soon there will be competitive devaluations and a trade war. Japan, Germany are mercantile states and they will find it difficult to impossible to fund their governments without large trade surpluses.
OMG, when I lived in Japan in 1960 the rate was #3000 yen per dollar.....My parents would give me a $.25 a week allowance and I could exchange it for yen, go off base and spend like a drunk sailor.
What happened in 2005 that made the dollar sink and how did it affect our economy? Did we go into a recession or was it a full blown depression? How many traders jumped out of tall buildings...
The Canadians have found ways to nearly peg their currency to ours (media shouting fears, scaring eastern investors away, getting the nod at the G20 meeting). I wonder if others will do the same. It would spell disaster for them within a year or so, as oil will keep going up. And things are very likely to get more interesting next summer.
Lowest level in just over TWO years!!!!! The SKY IS FALLING? This is a crash of historic proportions....if your sense of history extends almost 30 months ago...
Surely you meant *360 Yen to the dollar*....?
The dolalr started dropping long before 2005. Go back about 3 more years for most currencies and 2001 for the Euro.
The $ is up 2% vs the Peso the rolling 52 weeks. I don’t see the peso closing the gap anytime soon.
Correction. You mean 360 to the dollar...
It’s going fall even more when Fed lowers the rate again.
I think people are being somewhat alarmist about this. There is really no need to worry in the short term about this.
The story says it is at it’s lowest level since 2005 and that’s what I referred to...
It needs to fall against the Yen some more.
The Euro is ridiculously over-valued right now.
The Euro is ridiculously over-valued right now.
Spot on. Reports I've read show the Euro is 25% overvalued and the Yen was 20% undervalued. The euro and yen have gone up since then so probably 30% and 15% respectively at this point.
http://www.oanda.com/products/bigmac/bigmac.shtml
big mac index is usually good predictor. now to find a fund that is both long on yen and short on euro and make some $$$
It seemed odd when I was in Taiwan and you could get 4 ¥ for 1 NT$.
When I came over ( still here ) in 1985 the rate was 280 yen to a dollar .
I may be incorrect because I was ten years old but I believe it was #3000 yen to the dollar. It was significant.
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