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U.S. dollar rockets higher, Euro tumbles
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CT-September 2008-1
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Global economic exhaustion, as much as anything else, could be helping to fuel the dollar's rally. If Eurozone interest rates remain on hold, the buck will have a potential leg up vs. the Euro in the months to come.
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Detailed Description
After five months of lethargy in the Euro/dollar pair (EUR/USD), the rate crashed out of the downside of its trading range in early August as the Euro fell out of favor and the greenback turned sharply higher. The buck continued to push higher over the next few weeks in a broad-based rally against virtually all major currencies, with the exception of the Canadian dollar (CAD).
The pace and size of the move has some analysts arguing a bottom is in place for the U.S. currency.
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