Just in case anyone missed it:
New Record Low for Dollar
By MATT MOORE, AP Business Writer
2 HOURS AGO
FRANKFURT, Germany - The dollar slumped to another record low against the euro on Wednesday, while the British pound reached $2.10.
One day before the European Central Bank and the Bank of England decide on interest rates, the euro gained more than one cent amid speculation that China may shift more of its foreign currency stockpiles away from the dollar.
The 13-nation euro hit $1.4703 in morning European trading before slipping back to $1.4668 _ still well above the $1.4554 it bought in New York late Tuesday. The new record beat a previous high of $1.4571 set on Tuesday.
Britain's pound, meanwhile, rose to $2.1053, then slipped to $2.1009 _ still well above its level of $2.0868 late Tuesday. The pound is at its highest point against the dollar since May 1981, said James Hughes, a market analyst at CMC Markets in London.
But he said the pound's rally was "being driven by dollar weakness as opposed to pound strength."
The U.S. currency plunged in Asia after a report that a senior Chinese political figure said that China should diversify its $1.43-trillion foreign exchange reserves into the euro and other strong currencies.
Here's the link if you want to read the entire article:
http://finance.comcast.net/www/news....vqh=itn_dollar
At that exchange rate, the $2700 monthly stipend = 1836 Euro. I'm no economist, but I doubt the dollar is going to reverse this direction any time soon.
Just something to think about before the bid closes...