Dollar Weakens

It is no surprise that the dollar weakened this week against its basket of currencies in the ICE Index. Relief for the U.S. will not come until the budget debate is under wraps and the debt ceiling is decided on.

Concurrently, Europe and the euro continue to strengthen. The ECB’s announcement of an increase in rates has added momentum for the region. Additionally, the Eurozone’s control of Greece, Ireland, and Portugal, all under the care of the EU – IMF aid fund, has calmed the zone’s worries of a widespread contagion.

Wall Street Journal, April 22, 2011

Dollar Tumbles to Precrisis Levels