Exchange rates

["Richard Jasper" <richardj@library.tmc.edu>]

Sigh.

The NY Times today reports that the dollar has fallen to a 2-year low
against the Euro:

	The dollar fell to a two-year low against the euro today and also
edged down against the Japanese yen, continuing a months-long slide. The
decline came after new data showed that the United States trade deficit
had widened to what some economists said was a worrisome level.

	The monthly trade deficit in goods and services rose in April to
$35.9 billion, a record, as rising exports were swamped by an even bigger
increase in imports. A broader measure of the country's international
financial standing � the current account balance, which measures
investment flows as well as trade in goods and services � also posted a
record deficit of $112.5 billion for the first quarter, the Commerce
Department reported.

	In late trading today, the euro was worth 96.52 cents, up from
95.67 cents a day earlier.  The dollar was worth 123.37 yen, down from
123.82 yen.

	Since January, the dollar has lost 7.8 percent of its value
against other major currencies, according to an index compiled by the
Federal Reserve, after rising 33 percent since the mid-1990's. While the
dollar is still strong or even overvalued by some measures, its downturn
has become pronounced enough that many economists judge it to be at the
start of a correction that could continue for some time.

You can find the full story at:

http://www.nytimes.com/2002/06/21/business/21DOLL.html

Are we (those of us in the US, that is) likely to be looking at a new
round of hyperinflation in journal costs as a result?

Speculatively yours...

rpj

Richard P. Jasper
Assistant Director for Collections
HAM-TMC Library