USD hits 13 year low vs. JPY
The USD hit an all time low against the Yen on Friday, before taking the first steps in
recovering due to the Bush Administration's pledge to help the ailing big 3.
The Dollar, which has been falling against the Yen for some time now, took it's deepest hit when congress rejected a $14 billion automaker bailout plan Thursday evening. The congress' second rejection of a plan to save the American automakers put further doubt in the mind of investors & consumers regarding the strength of the US economy.
Despite it's plummet against the JPY, the USD remained strong against the Australian dollar, although it lost some ground against the strengthening Euro.
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The domino effect this recession, which officially started around September of 2007, has had on the international economy is staggering.
If congress decides not to bailout the Big 3, there will likely be more disappointment in store for the U.S. economy & her currency.
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