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« Google scraper released | Main | Opera offered for free to universities » January 12, 2005US deficit deepersAttempts by the US treasury to impact the trade deficit with a devalued US dollar seem to be failing, as the deficit increased by a massive 20% - according to figures from the US Commerce Department for November 2003. The US trade deficit now stands at an all-time record of $60bn (��31.7bn). In the figures released, exports were down 2.3% while imports grew 1.3%. The situation was made worst by high oil prices, which especially imported the import In the past three years the dollar has fallen by 50% against the euro - as well as by 30% against the yen. You can see graphs of the fall over 2004 here: US Dollar in 2004: highs and lows and also compare it graphically to the GBP in Great British Pound: stronger and stronger?. The news of the increased deficit is a massive embarassment to US treasury officials, and was far larger than market expectations, who consequently punished the dollar with further loss of value on the foreign exchange markets - nearly a whole percentile lost against the GBP.
Posted by brian_turner at January 12, 2005 09:47 PM | Discuss this in the Business, Marketing & Search forumsTrackback PingsTrackBack URL for this entry: |
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