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2006

Thursday 30 November 2006 U.S. Dollar Hits 14-Year Low Against British Pound

Nov 24, 2006 MW Euro breaks $1.30 for first time since April 2005
LONDON (MarketWatch) -- The euro broke through the $1.30 level on Friday for the first time since April 2005, as the dollar's rapid decline since Wednesday continued. The euro rose to $1.3019 from $1.1948, and the dollar fell to 115.86 yen from 116.27 yen

Saturday 25 November 2006 U.S. Dollar Falls Sharply Against Euro and Pound
The fall highlighted concerns about weakness in the U.S. economy as economies abroad continue to expand.

2005

Monday Aug 1, 2005 Exchange rates against the dollar
Jul 28th 2005
On July 21st, China abandoned its long-standing currency peg of 8.28 to the dollar, revaluing the yuan by 2.1%. Malaysia followed suit, dropping its seven-year-old dollar peg and letting the ringgit appreciate by more than 1%. Since the beginning of the year, about half of the emerging-market currencies in our chart have risen against the dollar. Brazil's real posted the biggest gains, climbing by almost 10%. The South African rand, by contrast, lost 15% of its value against the dollar.

Thu Jun 05, 2003 The U.S. Dollar Is Still Too High For The Trade Account
The dollar is oversold and due for a bounce. However, further weakness looms over the next few years.
The dollar has recently fallen significantly against the euro and several other major currencies. Technical indicators point to a near-term dollar rise, but this would just be a pause in the bear market. As discussed in a Special Feature in the latest monthly Bank Credit Analyst publication, the U.S. trade deficit is testing the bounds of sustainability. Given weak overseas demand, the dollar must bear the burden of adjustment. One of the problems is that the areas with the biggest trade imbalances with the U.S. have the weakest currencies. Thus, for instance, China must eventually revalue the RMB. www.bcaresearch.com

Friday May 2, 2003 cbc
GREENBACK TO BECOME ... MAGENTABACK? The U.S. greenback $20 dollar bill is going to get a makeover that includes adding colour.

Monday Jan 13, 2003 EUROPEAN CENTRAL BANK CUTS RATES TO 3-YEAR LOW The European Central Bank cut its key lending rate by a quarter of a percentage point Thursday to the lowest level in almost 3 1/2 years, as the European economy showed more evidence of a shuddering slowdown.

Friday Mar 7, 2003 bbc Aussie dollar hits three-year high A glowing endorsement for Australia's economy pushes its currency to a new high against the US dollar.

There is an explanation for overshooting that applies to the Canadian dollar today. The case for a stronger dollar is very compelling. Solid growth. Rising commodity prices. Big trade surplus. Relatively high interest rates. Monetary policy committed to keeping inflation under control. Great fiscal performance. But the vast majority of transactions in foreign exchange markets are not related to these fundamentals - they are speculative. Once the exchange rate begins to move, foreign exchange traders begin to place bets that it will move further; the further it moves, the further it is believed likely to move, and so on, and these flows move it beyond its fundamentals.

Monday Feb 24, 2003 rob
Charging loonie cracks 67 cents (U.S.) ... on speculation that Ottawa's recent big-spending budget will tip the scale in favour an interest-rate hike next week. .. hasn't closed above 67 cents since Sept. 26, 2000
"The big dose of spending makes it all but inevitable the Bank will hike rates," BMO Nesbitt Burns senior economist Doug Porter said in his Monday commentary. see w-n chart

Friday March 7th ec

The U.S. dollar How far can it fall?

W-N Euro cash The changeover: A new currency for 300m people

2002

TORONTO: CDN. $ SOARS The Canadian dollar closed on Tuesday at its highest level in five years in trading against the U.S. dollar. Canada's currency rose by more than half-a-cent US to close at 64.57 US. An analyst with the Bank of Nova Scotia cited by the Canadian Press news agency attributes the development to a negative mood by investors toward the U.S. currency. Economist Aaron Gampel also says the Canadian dollar's rise reflects higher prices for oil and natural gas. He also noted that the decision by the Dominion Bond Rating Service to upgrade the Canadian government's credit rating to its highest level has helped the dollar.

Thursday Nov 28, 2002 cbc
CANADIAN GOVERNMENT OWES $17,035 PER PERSON Hey, do you happen to have a spare $17,035 kicking around in your wallet or purse? If so, you could pay off your share of the federal government's net debt. ...$533.4 billion at the end of March 2002, down from $545.3 billion a year ago. ...peak in 1997 at $588.4 ...As a percentage of gross domestic product, the net debt dropped from a peak of 70.6 per cent in 1996 down to 48.2 per cent in 2002.

Friday Nov 22, 2002 ts
Rock must clarify path to 80-cent dollar for the Canadian dollar by 2010 ....adding that "if we increase our productivity, if we attract additional investment, we can achieve that goal." ...There's no doubt that the Canadian dollar, by conventional measures, is undervalued. And there's no question that if Canada's economy really became much more innovative and made significant progress in narrowing the productivity gap with the United States, that our dollar would rise in value.
But we have to be careful here, because one of the ways Rock suggests we can strengthen our dollar is by attracting much more foreign direct investment. If he means by that attracting more investment in new activities, for example by expansions in assembly and other operations by the big automotive companies or other foreign enterprises establishing new businesses here, that would be positive and benefit the economy.
But another way to increase foreign investment is through the foreign takeover of more leading Canadian companies. But that would not be desirable because it would mean the loss of head-office activities and decision-making in Canada. [it would seem that decision-making would be better in other's hands!]
Similarly, by blocking merger discussions between Canadian banks, Prime Minister Jean Chrétien may be making it more likely, at a future date, that Canadian banks will be acquired by U.S. or other foreign banks. Elimination of ownership restrictions here is another U.S. goal.

Friday Oct 25, 2002 Dodge wants common market with U.S.
The head of the Bank of Canada is advocating closer integration of the Canadian and U.S. economies as the next step in a logical progression that could eventually lead to a North American common market and currency. ...And that means negotiating an even freer trade deal than exists under the North American Free Trade Agreement, Mr. Dodge said. That would include opening up borders to the free flow of labour as well as capital and goods and services. Mr. Dodge said for years he has worked to open Canada's borders wider, but Liberal MP Bryon Wilfert, who is parliamentary secretary to Finance Minister John Manley, expressed concerns about further integration. U.S. companies are already taking advantage of the weak dollar to take over Canadian firms, he said. ....Mr. Dodge played down concerns of foreign takeovers, however, noting that economists would argue "it doesn't matter who owns it, what matters is how efficiently the firms perform."
Mi> "And basically the evidence is that on a performance basis, multinationals' performance domestically in Canada has been as good or better than domestically owned firms," Mr. Dodge said.
He added that in recent years there's been a balance between U.S. takeovers of Canadian firms and Canadian firms' takeovers of U.S. companies. But he conceded that keeping the head offices of corporations in Canada is important.

"But as we want to go for further integration, there's one market that we really haven't tackled at all, and that's the labour market," he said.
"There are real difficulties that can arise from time to time when we have big surpluses of labour or when we have a shortage of skills."
While highly skilled professionals can now move back and forth across the border under NAFTA, that's not the case for most workers, Mr. Dodge said.
"So, if one is thinking through the logical progression we would want to move to open that," he said.

Tuesday Oct 15, 2002 MONTREAL:
MANY AMERICANS SEE CANADA AS NEW STATE A new poll conducted by a Canadian company suggests that nearly 40 per cent of Americans think Canada should become the 51st U.S. state. The survey by Léger Marketing, conducted in late September, also showed that 49 per cent of those surveyed disagreed. A similar poll of Canadians last year showed only about 20 per cent of those polled favoured becoming part of the United States. But about 40 per cent of the Canadians said they would be in favour of switching to the American dollar.

September 18, 2002 ec Loonie Loathes Uncertainty -
by Stephen S. Poloz, Vice-President and Chief Economist
Just six months ago, the Canadian dollar was taking off just like its feathered namesake. But in the past eight weeks the loonie has plunged back down to the lake’s surface, where it is now floating. Is the loon preparing for a dive, or will it stage another period of flight?

from Wed 1069 Aug 28, 2002
The Canadian dollar has risen to 64.36 U.S. cents and could test the 66.13 cent high of July 9 before year end, given the strength of the economy and the widening interest rate differential with the U.S. Net foreign investments have totalled $8.5 billion in the first half of this year, while Canadians have invested close to $18 billion in foreign markets. The economy and inflation will be somewhat affected by the rise in energy prices, the uncertainty of an attack on Iraq and the corporate governance problems. Over five hundred Canadian corporations are required to certify their financial statements by tomorrow.

Tuesday Jul 23, 2002 cbcINFLATION CREEPS UP TO 1.3 PER CENT IN MAY Rising prices for cigarettes pushed the annual inflation rate up to 1.3 per cent in June, Statistics Canada reported Tuesday.

Monday Jul 22, 2002 ecCANADIAN DOLLAR POSTS SECOND STRAIGHT BIG DROP The Canadian dollar came under pressure again on Tuesday as it lost another 0.83 of a cent to to close at 63.10 cents US.

Tuesday Jul 23, 2002 rci
TORONTO: DOLLAR PLUMMETS
The Canadian dollar suffered its worst day in trading ever on Monday, falling by 1.04 cents US, to close at 63. 02 US. The fall coincided with steep drops in trading at both the Toronto Stock Exchange and the New York exchange. The TSE suffered a triple-digit decline of 169 points to close at 6,367, while Dow Jones closed down 235 at 7,784. The Canadian dollar's fall on Monday also coincided with the federal government's announcement that retail sales in May fell by 1.3 per cent to $25 billion. The report raises questions about how enduring Canada's economic recovery will be. The Bank of Canada has been responding to that recovery by raising interest rates, which has buttressed the value of the Canadian dollar.

Jul 15th 2002 ec The US dollar Worth less than a euro After sliding for months, on July 15th, the dollar finally fell to parity with the euro, and then slid further. Now that it has broken this psychologically important barrier, is the American currency heading for freefall?

Monday Jul 8, 2002 rci MONTREAL:
YOUNGER CANADIANS UPBEAT ABOUT FUTURE

Monday Jul 8, 2002 rci OTTAWA:
POLL FINDS MISCONCEPTIONS AMONG INVESTORS

Thursday Jul 4, 2002 rci OTTAWA: 70-CENT LOONIE PREDICTED
Canada's Export Development Corporation foresees a Canadian dollar worth 70 cents US by the end of the year. The EDC helps finance Canadian exports. It says a survey of 1,000 exporting firms shows the export sector is much more confident than it was six months ago, with about two-fifths of them saying they planned to hire more workers in anticipation of higher sales abroad. The EDC says a stronger Canadian dollar is a symptom of stronger demand for Canadian goods and services. The agency predicts that exports will likely jump by two per cent this year. The dollar closed at 65.29 US on Wednesday. Canadian exports sagged at the end of last year, partly in response to the international economic slump caused by the Sept. 11 terrorist attacks. Exports account for 43 per cent of Canada's gross national product.

Thursday Jul 4, 2002 cbc CANADIAN DOLLAR SEEN HEADING TO 69 CENTS US THIS YEAR: RBC The Canadian dollar will continue to gain back ground against the U.S. greenback through next year, RBC Financial Group economists said in their latest quarterly forecast.

Friday Jun 21, 2002
	Dollar plunges as investors flee US The US currency hits a series of lows against sterling, the euro and the yen, as weak American shares spark a transatlantic exodus.

Four countries escape dirty money list Israel, Hungary, Lebanon and St Kitts & Nevis have been taken off an international black list of places seen as havens for money laundering.

Friday Jun 14, 2002 ec Down with the dollar
The dollar hit a 17-month low against the euro. Doubts about the strength of America's economic recovery, compounded by worries about corporate profits in the aftermath of a slew of recent accounting scandals, pushed the European single currency briefly above 95 cents and invited speculation that it may yet get back to parity with the dollar for the first time since February 2000.

Tuesday Jun 4, 2002 cbc
A US dollar cliffhanger A weakening dollar could be good news for the American, European and world economies all at once. But this will only be true if the dollar's decline is gradual and moderate, and this cannot be guaranteed. A sharp fall could spell trouble Down with the dollar

Tuesday Jun 4, 2002 cbc
Canadian interest rates rise again

Tuesday Jun 4, 2002 cbc
CANADIAN INTEREST RATES RISE AGAIN Canadian interest rates took another step higher Tuesday as the Bank of Canada did the expected and raised rates by 0.25 of a percentage point. The bank's key overnight rate now stands at 2.50 per cent.

Time is Money

Tuesday Jun 4, 2002 rci
TORONTO: AMERICANS REJECT COMMON CURRENCY NOTION
A public opinion survey indicates that a strong majority of Americans disagrees

Monday Jun 3, 2002 Chrétien last detail close Friday at 65.45 cents US

Robert McTeer

May 30, 2002 Productivity and Living Standards: Convergence or Divergence?
Round Table discussions with Serge Coulombe, University of Ottawa; Andrei Sulzenko, Industry Canada; Gordon Thiessen, Former Governor of the Bank of Canada; Paul-Arthur Huot, Quebec Manufacturers & Exporters; and the moderator: Dr. Hans Black, Interinvest Corporation.

Tuesday May 21, 2002 cbc
LOONIE TOPS 65 CENTS US The Canadian dollar continued to gain ground on Tuesday as it closed at at 65.02 cents US, up 0.35 of a cent. It marked the loonie's highest level since mid-August of last year.

Monday May 20, 2002 cbc
CANADIAN DOLLAR SURGES TO 9-MONTH HIGH The Canadian dollar continued to gather strength in Friday trading, rising almost three-tenths of a cent against the U.S. greenback.

Saturday May 4, 2002 Canada's credit rating is gold again One of the world's most influential bond raters has restored Canada's AAA credit rating for foreign currency loans

Monday Apr 29, 2002economist
The value of the dollar The American dollar has started to slip in foreign-exchange trading. This has been expected for some time. America has been importing far more than it has been exporting for years, financed by foreigners attracted by tantalising equity returns. The bad news is that when currency turnarounds come, they tend to be swift and brutal chart

Monday Apr 29, 2002 glob
Canadians support closer ties with U.S.
indicates 66 per cent of Canadians believe the greater intertwining of the two economies through freer trade mechanisms has been positive. Another 30 per cent called the trend negative, and 4 per cent offered no opinion.

Canadians under 35 were more likely than older Canadians to approve of the trend and so were those whose income was above $30,000 a year. Men and women were equally positive. But this majority of support appears to have a soft centre. While 66 per cent like the closer economic ties that have developed through such mechanisms as the North American free-trade agreement, 49 per cent said they are only "somewhat positive" toward the trend.

The poll showed that 23 per cent of Canadians want even tighter economic and monetary ties with the United States. This group favours a common currency between the two countries, and the open trading that characterizes the European Union.
Another 4 per cent would like to see Canada join the United States outright.
But this is a minority opinion. The poll found that 72 per cent of Canadians like the relationship between Canada and the United States the way it is now and approve of this level of economic and monetary independence. Only about a quarter want to go further and have a common currency

Friday Apr 26, 2002 cbc
CANADIAN DOLLAR STRENGTHENS; AT 4-MONTH HIGH The Canadian dollar flirted with the 64-cent US mark Thursday - reaching a level it hasn't been at since December.

Thursday Apr 25, 2002 cbc
LOONIE RISES ON BRIGHTER CANADIAN ECONOMIC OUTLOOK The Canadian dollar enjoyed a boost on Wednesday as the Bank of Canada said economic growth this year will be better than expected.

Tuesday Apr 2, 2002 bbc
In Canada, Finance Minister Paul Martin found himself reported to be about to quit his job to take up cow and duck breeding.
The Canadian dollar tumbled to a one-month low against its US counterpart. [the real joke: the Dollar did not recover when the joke was revealed! & if you belive...]

National Post Search for Jacqueline Thorpe get Manley comments and more

March 27, 2002 Trade Protectionism and the Canadian Dollar -
by Stephen S. Poloz VP and Chief Economist EDC

Thursday Mar 14, 2002 cbc
MANLEY UNDER FIRE OVER LOW-LOONIE REMARKS
Opposition MPs are accusing Deputy Prime Minister John Manley of being irresponsible for suggesting a weak dollar may be saving some firms from bankruptcy.

Friday Feb 22, 2002 FUTURE OF DOLLAR DEBATED Quebec's largest employers group, Le conseil du patronat, is holding a debate on the Canadian dollar. The group wants to know if there is a future for a sovereign Canadian dollar in North America. ...A recent Léger Marketing survey shows almost two thirds of Quebecers believe that the adoption of a common North American currency is either possible or inevitable.
Despite those numbers, 60 per cent of those who responded said the Canadian dollar is indispensable to maintaining Canadian autonomy vis a vis the United States.
Economist Pierre Fortin, who will participate in the debate, says there is nothing wrong with bringing in a North American currency.
He says right now, the Canadian economy is a slave to the U.S. dollar and market forces south of the border. He says having a common currency with the Americans would give this country more control over its own economic future.

Jan. 22, 2002
Real Video(Runs 4:08) Rex Murphy on The loonie

2001

Tuesday, November 27, 2001 Landry calls for currency union in the Americas Quebec's premier says it's time Canada dumped its currency and built an economic union from Alaska to Chile

Saturday, November 17, 2001CEOs back move to U.S. dollar
Canadian business poll: Dependence on exports cited as main reason for switch by Jacqueline Thorpe
More than half of Canada's business leaders believe the country should seriously consider adopting the U.S. dollar, a poll reveals.
A similar number also say Canadian companies will increasingly price their big-ticket items in U.S. dollars regardless of whether Canada adopts the U.S. currency.

Wednesday, November 21, 2001 What's the Canadian dollar worth By Brian Lee Crowley
Our dollar's relentless slide over the last 25 years has harmed the poorest and most vulnerable members of our society more than anyone else. ...escalating price we pay for being Canadian... Last time that the U.S. and Canadian dollars were at par was November 1976 ...very significant decline in our standard of living

11/10/2001 Is it time to give up on loony? by JAY BRYAN
Cooper's conclusion - that Canada should negotiate a currency union with the U.S. now - "while we still have something to bargain with," isn't shared by many Canadian policy makers or economists. But her anguish over three decades of devaluation is.
"I think she's right that this has been a major failure for us, and that we're not able to explain it," says Christopher Green of McGill University's economics department. The American-born Green acknowledges that "I'm particularly unhappy about this. It's really become difficult to travel to the U.S."
But of course the impact goes much further than that. Canadians have been gradually impoverished in many ways. First, the many things we import - mostly denominated in U.S. dollars - are ever more expensive.

Saturday, November 10, 2001
The bill nobody wants
Currency sinks to 62.37 cents U.S.
Although retailers have machines to detect counterfeit currency, many find it's easier just to say 'no' David Menzies Financial Post100 Dollar Bill. Remember when flashing a $100 bill made you feel like a somebody? Was there anything better than a pocket full of "brownies" ...

Saturday, November 10, 2001It's time to ditch dollar: expert
Currency sinks to 62.37 cents U.S. "To what level will the finance minister allow the Canadian dollar to fall before admitting that his narrow view is weakening the Canadian economy -- at 50 cents, at 40 cents, or at 35 cents?" Bloc Québécois critic Yvan Loubier asked during question period.

11/10/2001 Is it time to give up on loony? by JAY BRYAN
Cooper's conclusion - that Canada should negotiate a currency union with the U.S. now - "while we still have something to bargain with," isn't shared by many Canadian policy makers or economists. But her anguish over three decades of devaluation is.
"I think she's right that this has been a major failure for us, and that we're not able to explain it," says Christopher Green of McGill University's economics department. The American-born Green acknowledges that "I'm particularly unhappy about this. It's really become difficult to travel to the U.S."
But of course the impact goes much further than that. Canadians have been gradually impoverished in many ways. First, the many things we import - mostly denominated in U.S. dollars - are ever more expensive.

11/10/2001 Low dollar: bank bosses urge action
November 10, 2001 by Sherry Cooper Low dollar: bank bosses urge action BOC governor meets business leaders to discuss slump; loonie dips to another low Jacqueline Thorpe and Theresa Tedesco Financial Post with files from news services The Canadian dollar careered through the psychologically important US62.5¢ barrier ...

Thanks to Emile Fattal for this 11/9/2001 Time for U.S. loonie
November 9, 2001 by Time for U.S. loonie Like it or not, the U.S. dollar is simply too strong for us. We might as well adopt it now as wait until the Canadian dollar falls even further Sherry Cooper National Post The loonie hit the skids again this week, touching yet another all-time low, setting off a ... ". Let's face it, our currency does not float, it sinks -- at least it has for most of the past two-and-a-half decades." by Sherry Cooper .... If a 62.5-cent dollar is such a good thing, then how about a 60-cent dollar, a 50-cent dollar, 40 cents....
What makes us think we can buck this tide? Let's dollarize and get it over with while we still have something to bargain with. We are in a relatively strong position. While we are harmonizing immigration policy, border controls, airline security and trade policy, why not proceed to dollarize as well? We will do this, inevitably, when the pain of a falling loonie finally gets to be too great. I know we think this would mean a loss of sovereignty. The loonie is a symbol of our independence. But Germany, France and ten other European countries have managed to form a monetary union without losing their national identities or cultural distinctions. Better now at 62 cents than later at 50 cents. A search on the NP for Sherry Cooper produces a lot of debate!

1/Nov/2001 CANADIAN DOLLAR CONTINUES TO SLIDE; CLOSES AT NEW RECORD LOW
The Canadian dollar plumbed new lows against its U.S. counterpart Thursday, with little sign of support in foreign exchange markets.

David Jones

See Also Would a fixed rate make markets more flexible? by Christopher Ragan MBA teaches in the Department of Economics at McGill University.

See W-N charts US»Cdn $.50 or Cdn»US $1.90

News clips on the The bill nobody wants
Currency sinks to 62.37 cents U.S.
& more Media clips from w-n archives

a long history of the Dollar [Not read by W-N]

From our W-N Archives:

• W-N people on One North American Dollar
• 1999 There are reasons for our low dollar DIANE FRANCIS
• 1998 Hysteria starts in bank merger debate
• 1997 Let's Talk about the Euro +Updates