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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Chispas who wrote (16078)11/17/2004 2:02:41 PM
From: mishedlo  Read Replies (1) of 116555
 
CHICAGO (CBS.MW) -- A coalition of U.S. manufacturers said Wednesday that financial market concerns about the swift decline for the dollar are overstated. "The dollar's correction is barely more than half complete," said Frank Vargo, vice president for international affairs at the lobbying group National Association for Manufacturers and chairman of the Coalition for a Sound Dollar. "Pundits have forgotten that the dollar's descent began only after it had soared to abnormal and dangerous heights," he said. Vargo said that at its 2002 peak, the dollar was up 25 percent on its major rivals and is still up 10 percent from where it stood at the start of that climb. A relatively weaker dollar would make U.S. exported goods more attractive to foreign buyers. The dollar hit a record low against the euro, a 12-year low against the Canadian dollar and a more than seven-month low against the Japanese yen.
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