Less Bang for the Buck

Chart of the Week for June 7-13, 2002

The US dollar may be showing signs of fatigue. For years foreign capital consistently flowed into the US as overseas investors sought to cash in on our strong economy and rising markets. Now it appears that trend may be reversing. A combination of persistent concern about the pace of recovery in the US, and relatively undervalued stocks in foreign markets is sapping some of the dollar’s strength. It recently reached a six-month low against the Japanese yen and approached a sixteen-month low against the euro. How far the dollar will slide may depend on how quickly this modest recovery translates into higher corporate profits.

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