Global| Sep 08 2003US Dollar Down Even Before the August Employment Report
by:Tom Moeller
|in:Economy in Brief
Summary
The foreign exchange value of the US dollar against major currencies began the most recent decline before the release of the weak August jobs report. On August 22nd the dollar was up more than 5% from the June low as data suggested [...]
The foreign exchange value of the US dollar against major currencies began the most recent decline before the release of the weak August jobs report.
On August 22nd the dollar was up more than 5% from the June low as data suggested improvement in the US economy. A 0.7% decline on Friday capped a succession of declines which have now totaled 1.7%.
The Euro had fallen roughly 8% during the dollar's ascent this Summer. On Friday it gained back 1.6%, its greatest one day advance in over a year. The Euro's value against the dollar is up by one third since early 2000.
Against the Canadian dollar the US currency has suffered similar declines, down 1.5% recently and by roughly 12% since early last year.
Versus the Japanese Yen, the dollar has traded more narrowly since the middle of last year. That followed dollar declines early in the year which came to over 10%.
Economists at the Federal Reserve Bank of St Louis ask "Is the Current Account Deficit Weighing on the Dollar?" here.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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