Are you going to tell me that Mr. Biden had nothing to do with this increase in the American dollar?
By PAUL WISEMAN, AP Economics Writer.
WASHINGTON (AP) — The U.S. dollar has been surging so much that it's nearly equal in value to the euro for the first time in 20 years.
If U.S. exports were to weaken as a result, so, too, would the already-slowing U.S. economy.
Yet there's a positive side for Americans, too: A stronger buck provides modest relief from runaway inflation because the vast array of goods that are imported to the U.S. — from cars and computers to toys and medical equipment — become less expensive. A strengthened dollar also delivers bargains to American tourists sightseeing in Europe.
The U.S. Dollar Index, which measures the value of American money against six major foreign currencies, has jumped nearly 12% this year to a two-decade high. The euro is now worth just under $1.02.
By PAUL WISEMAN, AP Economics Writer.
WASHINGTON (AP) — The U.S. dollar has been surging so much that it's nearly equal in value to the euro for the first time in 20 years.
If U.S. exports were to weaken as a result, so, too, would the already-slowing U.S. economy.
Yet there's a positive side for Americans, too: A stronger buck provides modest relief from runaway inflation because the vast array of goods that are imported to the U.S. — from cars and computers to toys and medical equipment — become less expensive. A strengthened dollar also delivers bargains to American tourists sightseeing in Europe.
The U.S. Dollar Index, which measures the value of American money against six major foreign currencies, has jumped nearly 12% this year to a two-decade high. The euro is now worth just under $1.02.