//
you're reading...
travel news

Dollar weakens

The dollar was weakened against the major currencies yesterday after growth forecasts were published.

Last month’s Federal Open Market Committee (FOMC) meeting minutes revealed predictions of an even slower economy than once thought for 2008.

Despite gaining ground against the yen, the information weighed heavy on the dollar, weakening it versus the major currencies, especially so against the euro.

The European currency was strong at $1.4841 against the dollar yesterday, rising even further at one point to reach its highest level since 1999.

“The FOMC minutes proved modestly negative for the US dollar as market players viewed the lowered growth forecasts and subdued core inflation forecasts as keeping the door open to further rate cuts next year,” Michael Woolfolk, senior currency strategist at the Bank of New York, told MarketWatch.

After the release of the minutes, futures showed a 92 per cent chance the Federal Reserve will cut rates in December, reports Reuters.

Despite being bad news for those living in the US, holidaymakers can take advantage of the weakness of the dollar, which creates bargains for British Christmas shoppers visiting the country.

Advertisements

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

On the beach holidays review

Beware of, OTBEACH or ON THE BEACH Holidays plus otbeach.co.uk and finally OntheBeach.co.uk -

On the beach complaints and reviewsOn the Beach Otbeach warning.

Or check out - On the beach holidays, ot beach, I book holidays a con site?

otbeach on the beach holidays The bulk of the "On the beach complaints" concern - Persistent call backs after you think you have booked online to ask for more, huge extra cost surcharges. Extremely poor customer service .

According to ABTA they trade as: On the Beach, I book holidays, Otbeach so be careful.

Enter your email address to follow this blog and receive notifications of new posts by email.

%d bloggers like this: