Word: greenbacker
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...gains in the natural resource and service sectors. But the world's eighth largest economy has lost 329,800 manufacturing jobs since the Canadian dollar began its marathon climb five years ago. From an all-time low of 62¢ in 2002, the turbocharged loonie shot past the U.S. greenback for the first time in nearly 31 years this September and kept right on soaring. Fueled by record prices for Canadian commodities, a surge in foreign investment and anxiety over the subprime-mortgage meltdown, the loonie broke the $1.10 barrier in early November. It has since settled close to parity...
...four years ahead of production," says Hogan, who is asking his 52 remaining Canadian plants for annual productivity gains of 6% to 10% to avoid offshoring more jobs. Gerry Fedchun, president of the Automotive Parts Manufacturers' Association, says his industry can adjust to a strong loonie rivaling the greenback, but there will be consequences. "We're going to shrink dramatically if the Canadian dollar stays where it's at," says Fedchun...
Some claim the Canadian dollar rose against the greenback because the U.S. dollar has been dragged down by government budget deficits, a long and costly war, and a yawning gap between the value of imports and exports. True enough. But the link between the loonie and the worldwide boom in commodities had even more to do with it. If you graph the value of the Canadian dollar with the prices of oil, natural gas, certain metals and grain, "it's pretty hard to tell which is which, down to every little squiggle," says TD Bank Financial Group chief economist...
Expatriates and others remunerated in U.S. dollars have seen their disposable incomes take a real hammering over recent months, but when it comes to planning a holiday there is one small consolation: early-purchase packages that allow savvy vacationers to beat the ailing greenback...
...other fearsome exchange rate, of course, is between the euro and the dollar. The euro has taken the brunt of the dollar's depreciation--the greenback has dropped more than 30% against the euro over the past two years. Naim foresees U.S. competitors grabbing European market share "and a wave of European companies investing in the U.S., where they'll find companies 30% cheaper." Blanque calculates that each 5% appreciation of the euro against all currencies translates into a loss of European-GDP growth...