Word: greenbacker
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...that is hardly guaranteed. When measured against a wider group of currencies, the dollar is stronger than it seems. The greenback has fallen in value by just 6.8% against the Taiwanese yuan and has risen 4.3% against the Korean...
...financial world in a tizzy last week. Buy and sell orders for the currency flooded into markets around the world, propelled by gusts of verbiage that flew between Washington and its major foreign economic allies. Money traders from Sydney to London to San Francisco whipsawed the value of the greenback before it settled down somewhat at week's end, 2.4% higher against major currencies than the week before...
America's allies, who would prefer that the U.S. restrain domestic demand by cutting its budget deficit, jawboned back. European finance ministers and central bankers met on Sept. 21 at the Scottish resort of Gleneagles, and word leaked that the Europeans might intervene to prop up the greenback. The dollar thereupon rebounded...
...trade situa tion, the economists agreed, would be a still weaker dollar. Indeed, Treasury Secretary James Baker prompted a new dip in the dollar's value last week by declaring that the currency may have to come down further to force a shrinkage of the trade deficit. If the greenback were to fall another 15% against all currencies, Economist De Vries figured, it would slash about $50 billion from the deficit. One reason: foreign manufacturers would finally be compelled to push their prices up substantially on goods sold in the U.S. The rise in import prices would fuel a slight...
...expected that the trade deficit would vanish the moment the dollar began its descent. To begin with, the greenback fell only modestly at first, down about 9% between February and July of last year. During the next eight months, however, it fell a more dramatic 19%. Indeed, it is still falling. Last week the dollar bought only 153.6 yen at one point, the greenback's lowest level since the late 1940s. The dollar has fallen some 39% against the yen since early...