US dollar

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Rate Cut Sparks Global Market Rally

Investors pour back into markets looking for bargains with cheap money

(Newser) - World markets rode the back of yesterday’s Fed rate cut to huge gains as investors began looking for bargains and flooded the exchanges with cash, reports the Guardian. Hong Kong was up 12.8%, Seoul rose 11.95%, and Tokyo saw a jump of 9.6%, its fourth largest...

Pound Craters After Latest Grim Stats

British currency falls to $1.56 amid recession fears

(Newser) - The British economy shrank by 0.5% last quarter, all but confirming that the UK is in its first recession since 1991, reports the Times of London. The decline is greater than expected, and this week both the prime minister and the head of the Bank of England acknowledged that...

Global Stocks Pounded, Dollar Hits Record Highs

Greenback soars to 5-year high against the pound

(Newser) - Stocks in Asia and Europe dove once again today, with banks leading losses as the continuing economic downturn hit corporate profits. The Nikkei in Tokyo closed down 6.8%, and London's FTSE opened down 2.3% after the Bank of England said that the country is in a recession. Meanwhile...

Zimbabwe Makes US Dollar Legal Tender

Inflation rate of 11M% makes local currency largely worthless

(Newser) - The government of Zimbabwe will allow consumers and shops to deal in American and South African currency as an 11 million percent inflation rate continues to pummel the nearly worthless Zimbabwean dollar. Cash remains in short supply in Zimbabwe, and on a flourishing black market a US dollar can fetch...

Fed Grabs Another $30B in Currency Swap

Lines set up with banks in Australia, Europe to ease credit

(Newser) - The Federal Reserve announced today that it had set up another $30 billion worth of currency swap lines—designed to put more dollars into world markets—in its latest effort to deal with the credit market. The Fed arranged two $10 billion reciprocal circuits with Australia and Sweden’s central...

$1T US Bailout May Crush Dollar's Rally

Plan's huge pricetag undermines confidence in the buck

(Newser) - The US plan to spend up to $700 billion on suspect mortgage-related instruments and a possible additional $400 billion to insure money market mutual funds may stabilize financial markets—but it’s just as likely to send the dollar into a dive, eroding its 3-month rally, reports Bloomberg. “The...

Central Banks Throw $360B Lifeline
 Central Banks 
 Throw $360B Lifeline 
UPDATED
Sep 18, 2008 4:34 AM CDT

Central Banks Throw $360B Lifeline

Effects of worldwide effort on markets still unfolding

(Newser) - The Fed has joined forces with central banks in Europe, Japan and Canada to pump more dollars into the global financial system in a bid to fend off economic catastrophe, Bloomberg reports. The funds—$180 billion from the Federal Reserve and nearly as much from the other banks—are being...

Lehman Crash Triggers Global Market Tumble

US futures and dollar sink: 'It's mayhem'

(Newser) - Lehman Brothers’ bankruptcy, along with news that mammoth insurer AIG is seeking a $40 billion Federal Reserve loan, has sent European and Asian markets, US futures and the dollar sharply downward, Bloomberg reports. Swiss-based UBS AG, Europe’s bank most hurt by the subprime crisis, plunged 7.2%. Australia’s...

Dollar Soars to 1-Year High
 Dollar Soars to 1-Year High 
Sep 8, 2008 8:06 AM CDT

Dollar Soars to 1-Year High

Greenback climbs higher still after Fannie-Freddie bailout

(Newser) - The dollar rallied to a 1-year high against the world's currencies today, following Treasury's decision to seize control of Fannie Mae and Freddie Mac. After an early hiccup, the greenback advanced to $1.41 against the euro while also climbing against the yen, the pound, and the Swiss franc. While...

Asia Stocks Hit 2-Year Low, Europe Tumbles

Banks lead losses as US housing market woes trouble world

(Newser) - Asian stocks hit a two-year low today and European markets opened lower amid fears that the US will be forced to bail out Fannie Mae and Freddie Mac. In Tokyo the Nikkei tumbled 2.3%, leading declines across the region. Stocks of big European banks such as Barclays and Socié...

Paper Money Often Has Traces of Cocaine

Spanish study gives new meaning to 'drug money'

(Newser) - Chances are, you're carrying cocaine in your wallet. Trace amounts of it, anyway. A new Spanish study finds that paper money around the world is often contaminated with cocaine, LiveScience reports. Though concentrations vary by year and city, US bills had an average of up to 28.8 micrograms of...

McCain Camp: Obama Playing 'Race Card'

Calls Dem's comment that he doesn't look like other prezs 'shameful'

(Newser) - John McCain’s campaign adviser accused Barack Obama today of having “played the race card, and he played it from the bottom of the deck,” reports the New York Daily News. The Dem had yesterday described how opponents would use fear against him, saying, “You know,...

America Tops Wish List for Foreign Tourists

Falling dollar helps US edge Australia as most likely destination

(Newser) - The plummeting dollar has tourists punching their tickets for the US, according to Lonely Planet’s latest rankings. America came out ahead in voting for the country travelers were most likely to visit next, Reuters reports, knocking Australia—tops since 2004—from its perch.

World Markets Tumble, Dollar Hits New Low

Euro hits $1.60 as banks lead declines

(Newser) - World stocks hit their lowest level since 2006 today as credit-market losses and weakening consumer confidence sent shares falling, reports Bloomberg. The big banks, from UBS in Europe to Cathay in Asia, led declines. The MSCI World Index, Morgan Stanley's indicator of global finance, has now slid into bear market...

Forget the Rebound; 'This Thing's Going Down'
 Forget the Rebound; 'This Thing's Going Down'
OPINION
Jun 27, 2008 8:43 AM CDT

Forget the Rebound; 'This Thing's Going Down'

We can't expect a quick recovery from the economic downturn

(Newser) - A cycle has emerged in the economic mood of recent months: a round of bad news sends markets into a tailspin, then things appear to improve, complete with predictions that the worst is behind us, only to fall apart again, writes Steven Pearlstein in the Washington Post. It’s time...

Stocks Rally on Dollar's Strength
 Stocks Rally on Dollar's Strength 
MARKETS
Jun 13, 2008 3:14 PM CDT

Stocks Rally on Dollar's Strength

Drop in oil, strong greenback pushes Dow to weekly gains

(Newser) - The markets rallied today, pushing the Dow into positive territory for the week, off a strong dollar and a drop in oil prices. The Dow gained 165.77 to close at 12,307.35, a weekly gain of 0.8%. The Nasdaq climbed 50.15 to 2,454.50 but...

Dollar Soars to Biggest Weekly Gain in 3 Years

Greenback posts record advances ahead of G8 meeting

(Newser) - The dollar posted its biggest gain in almost 3 years this week, soaring 2.5% against the euro and 2.8% against the yen. This morning in London the dollar was trading at $1.54 against the euro, with analysts predicting a rise as high as $1.45 by year's...

Oil Drives Uneven Finish
 Oil Drives Uneven Finish 
MARKETS
Jun 10, 2008 3:47 PM CDT

Oil Drives Uneven Finish

Bernanke comments spark inflation worries, perk up dollar

(Newser) - The markets ended mixed after moving between gains and losses, as traders tracked gyrations in the price of oil—which finished down 2% from earlier highs of $137 a barrel, MarketWatch reports. The Dow gained 9.44 to end at 12,289.76. The Nasdaq lost 10.52 to settle...

Oil Tops $130
 Oil Tops $130 
May 21, 2008 8:30 AM CDT

Oil Tops $130

Supply concerns drive crude

(Newser) - Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled...

Oil Breaks $125 a Barrel
 Oil Breaks $125 a Barrel 
May 9, 2008 8:46 AM CDT

Oil Breaks $125 a Barrel

And heads for $126 as weakening dollar opens investors' wallets

(Newser) - Oil climbed over $125 a barrel today, just ahead of the US driving season and propelled by investors jumping at a weaker dollar, the AP reports. Light, sweet crude for June rose to $125.98 on the New York Mercantile Exchange today, later dropping to $124.86 in Europe.

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