The dollar surged today against the Euro after European Central Bank President Jean-Claude Trichet said that growth in Europe would be “particularly weak.” Trichet’s statements suggest that, despite uncomfortably high inflation across the continent, the ECB will not raise interest rates anytime soon.
The Euro is down to about $1.50 today, down from $1.53 yesterday, and if it stays there, the dollar will have had its best week since 2005. The dollar also rallied against the Pound and Yen, and the US Dollar Index on the ICE futures exchange rose to its highest level since February 21.
It would be nice if this were the result of the U.S. economy strengthening, rather than the rest of the world collapsing. Alas…
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