12-05-2003, 11:40 AM #1
Euro hits another record = gear goes up...
There's bad news for people buying gear through suppliers in Europe - at least suppliers that have their prices set in Euros. The Euro is at an all time high against the dollar. What does this mean to you? You are nowing paying a 20% premium because you are purchasing with a devalued $ - something that costs 10 Euros is now $12. A few years ago, a 10 Euro product set you back $8-$9.
Euro at yet another record dollar high
U.S. jobs report disappoints, adding to greenback's woes
By Rachel Koning, CBS.MarketWatch.com
Last Update: 12:17 PM ET Dec. 5, 2003
CHICAGO (CBS.MW) -- The euro hit its fifth straight record high against the dollar Friday, as the U.S. currency's woes worsened in the wake of U.S. payroll growth that fell shy of estimates.
The euro was about flat vs. the dollar just ahead of the U.S. job data release, but recently rose 0.7 percent from late Thursday New York levels, to hit an all-time high of $1.2170.
Some analysts said the dollar's decline was limited initially because the government report offered mixed results from the U.S. labor market in November and little evidence that job creation will slow dramatically in coming months.
Still, the dollar has gained little traction despite mostly upbeat domestic economic news on consumers, business spending and factory output.
The greenback instead has fallen to multiyear lows against a host of currencies and all-time lows vs. the euro as investors fret about the sustainability of foreign demand for U.S. assets in order to fund a record U.S. trade gap. A sharp reversal of capital flows would hurt the dollar even more severely and many analysts think foreign investors will turn their backs on low-yielding U.S. investments.
Alaron's senior foreign exchange dealer, Craig Russell, said this week that there's little to prevent the euro from surging to $1.35 next year.
12-05-2003, 12:19 PM #2
thats one long ass signature
12-05-2003, 12:34 PM #3
That's the article, his sig's in blue.
That still sucks for those who order from Europe.
12-05-2003, 01:49 PM #4
The guys I use have prices in $ is I'm ok
12-05-2003, 02:37 PM #5
It will go down again...Euros and the US dollar fluctuate a lot.
12-05-2003, 04:05 PM #6
If you think thats bad, try buying stuff with Canadian $ then converting it to Euro, or U.S..
It aint worth ****!!
12-05-2003, 04:30 PM #7
exchange rate is bs right now...sucks paying in euros...
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