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U.S. Dollar’s Dizzying Drop Wreaks Economic Havoc

04/29/2011 Leave a comment Go to comments

By KEVIN CARMICHAEL – “The U.S. dollar’s long decline has turned into a sudden plunge, throwing currency markets into a frenzy that is complicating life for policy makers and executives the world over.

An index that measures the value of the dollar against six major peers declined for the eighth consecutive day Thursday, the longest slump in two years.

The U.S. dollar is in the midst of what Nomura Securities International analyst Jens Nordvig called a ‘violent … weakening move,’ as a confluence of factors drive investors to seek short-term gains outside the United States.

Gross domestic product in the U.S. slowed to an annual rate of 1.8 per cent in the first quarter, compared with 3.1 per cent over the final three months of 2010, according to the first of three estimates from the Commerce Department, released Thursday.”  Read more.

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