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US Dollar Tumbles Following Fed Decision

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After the Fed’s announcement of QE (quantitative easing), and subsequent press conference by Fed chairman Ben Bernanke, the US Dollar has fallen to a 4-month low against the euro and Swiss franc.

With speculation that the dollar will fall and the euro will rise following the Fed announcement, Steven Saywell, head of FX strategy at BNP Paribas, told Reuters’ London bureau:

“It’s a very powerful combination of the Fed coming together with improved sentiment towards the euro zone. The top trades are short dollar against the commodity bunch, and long euro against the yen, dollar and Swiss franc”

Since September 1st, the euro has gained 3.5 percent against the US dollar, and a total of 8% since reaching a 2 year low of $1.2042 in late July.

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Comments (1)

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  1. WillofLa says:

    Every time that Bernecke puts that worthless money into the economy it destroys that much more the value of our dollar. No wonder we’re being downgraded, look at the devaluation that Obama and Bernecke have accomplished with their destructive economic agenda to take the dollar down as low as they can get it.

    Now, what are we going to do if we have catostrophic weather or a Al Quaeda nuke somewhere in the country? Do you think that we’d have the money saved up in the Treasury to send to the states to make repairs or take care of people’s health? Hell no! Did the government have the money to send to Joplin, Missouri last year when that F5 tornado hit and not only destroyed people’s homes and possessions, but also destoryed the places of business where all those people worked. They were wiped out completely. What a tragedy. And it was left up to the people to pull themselves up by the boot straps and rebuild their lives back on their own. And was there anything Obama did to help? Hell no. And why not? Because all those people voted against Obama. And Obama’s inaction was punishment for opposing him. Oh, but don’t you know it’s all about racism and doesn’t have a thing to do with his destructive economic policies that have brought us to yet another downgrade.

    Do you still want to vote for Obama so that he and Bernecke and Gightner can finish us off? Remember, Obama says his grade for the last four years is “Incomplete”. That means he’s not done yet killing this nation. He is the Destroyer!!