The U.S. dollar made the strongest gains against the euro since the shared currency was introduced in 1999. It performed strongly against other major currencies as well, as the dollar index was at 77.450 later on Monday. It went as high as 79.694 before settling down.
Much of the strength against the euro was based on the thought that the banking system in the U.S. is further along in its exposure than its European counterpart. That will cause the dollar to strengthen until Europe moves further along in its exposure.
For the month of September it has surged by 3.1 percent, while in less than two months it has regained losses spread over the last seven months.
Lending rates for the dollar and euro also reached record highs today as banks continue their tight lending practices in light of economic conditions.
Sometimes at the end of a quarter things can get more volatile, and so it's suggested that we take a breather and wait till later in the week, like other commodities, to reassess what to do at that time.
Tuesday, September 30, 2008
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