Thursday, September 22, 2011
Dollar hammers Peso in early trading; Greek economic woes continue; U.S. markets nosedive
Original Report: The U.S. dollar hit another high as world markets opened this morning. A dollar cost 14.05 Mexican pesos, and brought 13.25 pesos in return. Some experts predict that by day's end the dollar will return 13.65 to 13.95 pesos. Continuing global economic difficulties coupled with the European sovereign debt crisis, the latter of which has its epicenter in Greece, are vigorously boosting the U.S. currency. For the same reasons the dollar also advanced against the Euro. Greece announced today that it will continue with austerity measures in order to avoid default on its public debt. Pensions were cut again and civil service jobs were suspended or terminated, which brought demonstrators onto the streets once more. Transportation workers and air traffic controllers are staging work stoppages, which will disrupt travel. The situation is really heating up in Athens, just as it did in May and June, and there is the potential for violent uprisings. Further evidence that both Europe and the United States stand at The Edge of the Precipice. See my post below.
at 9:36 AM