US Dollar Fall Below 100 Yen For First Time in 12 Years
The US dollar is in a freefall. I saw on the news today that we fell below 100 yen for the first time in 12 years. We've had a 20% drop against the Phillipeno peso in less than a year. I've seen the dollar go up and down for many years but it held steady against the Phillipeno peso. The dollar dropping so much in so little time against a much weaker currency should get your attention.
Recently the US dollar went through the psychological barrier of 1.50 against the Euro and is now trading at 1.5411 today. This is the bank rate in 1 million dollar blocks. Add in your bank and ATM fees and you are looking at 1.57 or better.
This will not bode well for those who bid the FDA's. On 06/27/07 when the LOA was released to the crewforce for review, the $2700 offered was worth 2005.79 Euros. Today that same $2700 has eroded to 1751.99 Euros. That is a loss of 253.8 Euros or $391.13 US dollars per month. Who is going to absorb that loss? We don't even have aircrews over there yet. It's business as usual for FedEx. They have a signed LOA.