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Dollar has best month in 16 years

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News - Financial News

Written by Hugh McManus

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The US dollar has had its best performance in sixteen years.  Good news from the Commerce Department about the Q2 GDP helped the Greenback.   The Euro lost eight percent against the dollar since late July; the currency strengthened one percent against the Japanese Yen and 1.2 percent against the Canadian dollar and eight percent against the pound sterling.  While the US economy is still teetering on the edge of recession, consumer confidence is strong, though household income has decline.  The stronger dollar helps push the price of oil down–oil being sold in US dollars–which helps domestic spending. < Prev   Next >