US Dollar at 26 Year Low Against British Pound
The US dollar has fallen to a 26 year low against the British pound due to a rate hike expected to be put in place by the Bank of England later this week.The British pound rose to $2.0173 which is its highest level versus the dollar since June 1981. The dollar also dropped to within a cent of its all time low versus the euro.
The dollar has been especially weak for so many months, so it’s difficult to put a finger on a single catalyst for yesterday’s losses.
While officials ponder the question of”What really triggered this sudden realization that the dollar should be sold off?” those with brains realize that America is now trillions of dollars in debt. The US Dollar has nothing backing it. No gold, no silver, not even a wedge of cheese. It’s only worth the paper it’s printed on.
With no end to the war in Iraq in sight and war with Iran looming just around the corner, anyone with an IQ over 10 realizes that this is the time to move away from the US Dollar… as quickly as possible.
One should expect several rises and drops in the Dollar as those with the big money milk the US Dollar for every penny then can suck out of it. But in the end, all wise investors are looking to precious metals and European and Russian currencies as financially sound investments.
http://biz.yahoo.com/ap/070702/dollar.html?.v=12
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