Dollar rises against euro, pound

News Balita ^ | 9/30/08 | staff

[pissant]

NEW YORK, Sept. 30 — The dollar rose against the euro and the pound on Monday as investors worried that the U.S. financial crisis was spreading to Europe.

The U.S. House of Representatives Monday unexpectedly rejected a 700-billion-dollar bailout plan for financial industry, sending Wall Street crashing. The Dow Jones industrials average plunged nearly 780 points, the worst single day drop ever.

Risk aversion in currency trading helped low-yielding yen and Swiss franc. As for the euro and the British pound, they kept loss against the dollar as investors focused on the crisis of the European bank system.

Over the weekend, the governments of Belgium, the Netherlands and Luxembourg partially nationalized Dutch-Belgian banking giant Fortis NV with a 16.4 billion dollars rescue. The British government announced plans to nationalize a troubled mortgage lender in a bid to help stabilize the financial system.

The euro bought 1.4472 dollars in late New York trading compared with 1.4618 dollars it bought late Friday. The British pound fell to 1.8149 dollars from 1.8426 dollars.

The dollar fell to 1.0873 Swiss francs from 1.0891 Swiss francs, and fell to 104.43 Japanese yen from 106.06 Japanese yen. It rose to 1.0399 Canadian dollars from 1.0320 Canadian dollars. (PNA/Xinhua)

[pissant]

Dollar up, oil down. Gotta love it.

[Perdogg]

after hour bank stocks up.

[P-Marlowe]

Good things happen to those who wait.

[icwhatudo]

B.. B ...B ... but this can’t be! It has to be all gloom and doom!

[pissant]

If we kill this tarbaby, the stock market will recover. Some financial institutions can then file Chapter 11 or sell themselves to the Check and Go’s of the world.

[Logic n' Reason]

Wait one more day...then B U Y ! ! !

[PhilosopherStones]

Yup.

Let’s face it, where ELSE are you gonna put your money? China? Russia? UK? Euro? Venezuala? Zimbabwe?

No matter how bad here looks from here, here looks a lot better from there...

[pissant]

I’m waiting patiently. No rush.

[DRey]

"Dollar up, oil down. Gotta love it."

Horrifying. Next thing you know, they'll be telling us interest on savings is going up.

Let's face it. We're entering a period in our economic cycle where people are encouraged to pay for things with their cash, people are encourage to save, and people are encouraged not to buy what they can't afford by using credit. It's wonderful!

[Desdemona]

but this can’t be! It has to be all gloom and doom!

I work in a machine dem office. It was downright morose today. One office-mate and I were trying not to high-five and skip down the corridor and the CEO with glee had CNN on his conference room TV calling half the city wondering what happened.

Made my day.

[dalebert]

O Reily is caving to kerry right now

[pissant]

And hopefully a period when risky investment instruments get the fate they deserve.

[P-Marlowe]

B.. B ...B ... but this can’t be! It has to be all gloom and doom!

God is in control.

[DRey]

"No matter how bad here looks from here, here looks a lot better from there..."

It's true. We're taking one step back, and they're taking two.

[pissant]

The Leprechaun? LOL

[Desdemona]

Make that "skip down the corridor with glee"

This mouse is driving me batty.

[anymouse]

[Tarpon]

If the bill had passed the dollar would have tanked, and we would all be paying more for everything.

Now all we need is free market solutions to the current problem.

[frogjerk]

O Reily is caving to kerry right now

Lurch is still around? He's number 3 on the list for receiving money from Freddy Mac.

[RayChuang88]

Watch what happens from the investors in Bahrain, Qatar and the United Arab Emirates. They're all really cash-rich and could snap up a HUGE amount of American stocks for a song and make a massive financial windfall down the road.

(Despite what we think about many Arabs, their culture has a history dating to WAY before the time of Christ of dealing with international commerce, mostly because of the heavy involvement with the legendary Silk Road commerce. In short, they know the depressed US stock market is a potentially huge financial bargain and will not hesitate to jump in if the DJIA drops to circa 8500 as Jim Cramer of CNBC has suggested.)