Word: euros
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...size of your tallest building, a contest in which Taiwan has just nosed ahead of Malaysia. Or you can dwell on the relative strength of your currency. Which is why you might expect American self-esteem to be in decline, for the dollar has fallen 24% against the euro since the beginning of 2003, touching a record low last week, and 15% against the Japanese yen. But the U.S. economy being a strange beast, few Americans have felt any impact from the dollar's fall...
...reported that Irish immigrants to the U.S. who had decided to return home were discovering that their dollar savings didn't go far. The cash that you get from selling a house in Woodlawn in the Bronx won't buy you much of anything in boomtown Dublin, where the euro rules...
...currency markets have a historical tendency to overshoot, and if they did so now, even stay-at-home Americans would feel the pain. In the markets, where the euro ended last week at $1.30, there is a sense that the greenback still has plenty of room to fall. Those fears were exacerbated last Friday when Federal Reserve Chairman Alan Greenspan said that international investors would "eventually adjust their accumulation of dollar assets"-which means sell them-or "seek higher dollar returns"-which means that U.S. interest rates might soar. Rising interest rates could lead to loan defaults and a reduction...
...Europe Stop the Dollar's Dive? Will the U.S. dollar's continuing slide against the euro choke off Europe's economic recovery...
...growing number of politicians on the Continent fear the answer is yes, and last week urged the European Central Bank (ECB) to help out. According to official estimates, the euro zone grew by 0.3% in the third quarter? - less than expected and half the pace registered in the first six months. Prime Minister Silvio Berlusconi and other Italian officials called for coordinated intervention by central banks to support the dollar, which briefly dropped to a low of $1.30 against the euro, hurting European exports. Wolfgang Clement, the German Economy Minister, said the European Central Bank should "do its part...