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IPFS News Link • Economy - Economics USA

Dollar Slumps to Lowest Level in Almost a Year

09-09-2009 • Wall Street Journal (via Slate)

The dollar fell against most major currencies and is at the same level as it was before it became a safe haven for investors who became jittery after Lehman Bros. collapsed. The dollar is "falling victim to a kind of double whammy" that was the result of the government's efforts to pump more dollars into the economy. Investors seem to be convinced that the efforts had the desired effect and the global economy will soon get out of recession, so they're willing to take on more risk. When combined with the high supply of dollars and low interest rates, that has made the dollar quite unattractive. Instead of dollar-based securities, investors are snapping up gold and other commodities.

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Reported By Ernest Hancock

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