Seems to me Americans need to take more responsibility regarding their own credit and quit trying to back out of their responsibilities. According to the current US market rates, the U.S. dollar has hit a new all-time low against the euro on Thursday, with the euro trading above $1.40 for the first time since the common European currency was introduced.
The euro was trading above $1.40 for the first time since the common European currency was introduced.
The euro bought $1.4023 in early European trading, up from its previous high of $1.3987, hit in New York late Wednesday.
The dramatic half-point cut in U.S. interest rates announced this week, aimed at shoring up U.S. credit markets, also had the effect of further weakening the dollar by reducing its cash yield.
The euro has benefited from healthy economic news in the euro zone and the European Central Bank's campaign of gradual interest rate increases.
However, its current strength is widely seen primarily as a result of problems afflicting the dollar.
The dollar also fell against other currencies, reaching parity with the Canadian dollar for the first time since November 1976.
It dipped against the British pound to $2.0082 compared with $2.0025 late Wednesday, after UK retail sales in August rose by 0.6 percent from July.
The dollar slipped against the Japanese currency to 114.96 yen from 116.09 late Wednesday.
In Washington, Federal Reserve chairman Ben Bernanke told Congress that the credit crisis had created "significant market stress" and he offered fresh assurances that regulators would take steps to curb fallout related to the mortgage mess.
The euro was trading above $1.40 for the first time since the common European currency was introduced.
The euro bought $1.4023 in early European trading, up from its previous high of $1.3987, hit in New York late Wednesday.
The dramatic half-point cut in U.S. interest rates announced this week, aimed at shoring up U.S. credit markets, also had the effect of further weakening the dollar by reducing its cash yield.
The euro has benefited from healthy economic news in the euro zone and the European Central Bank's campaign of gradual interest rate increases.
However, its current strength is widely seen primarily as a result of problems afflicting the dollar.
The dollar also fell against other currencies, reaching parity with the Canadian dollar for the first time since November 1976.
It dipped against the British pound to $2.0082 compared with $2.0025 late Wednesday, after UK retail sales in August rose by 0.6 percent from July.
The dollar slipped against the Japanese currency to 114.96 yen from 116.09 late Wednesday.
In Washington, Federal Reserve chairman Ben Bernanke told Congress that the credit crisis had created "significant market stress" and he offered fresh assurances that regulators would take steps to curb fallout related to the mortgage mess.
I think as Americans we need to empower our citizenry and take responsibility for our own actions. If we have a credit card, pay it off, don't have two or three. If you have a house, get a good rate and pay it on time, same as with a car. Quit spending more than what you have. Remember that our actions will fall upon future generations that are innocent. The children of today will be reaping our sins of tomorrow.
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