IMF says dollar ‘overvalued’

[RWSchilz]

Currency traders were given a green light to continue selling the US dollar on Wednesday, as the International Monetary Fund said the greenback “remains overvalued” and rejected claims the euro had risen too far.

Contradicting Rodrigo Rato, the outgoing IMF managing director, who last week said “right now the dollar is undervalued”, the fund’s staff conclude the dollar is still too high. The multilateral lender also forecast slower growth in 2008 at 4.75 per cent, compared with 5.2 per cent expected this year.

The IMF’s new stance on the dollar will counter the arguments to the contrary made by France and some other eurozone members at this weekend’s meetings of the Group of Seven leading economies and the IMF’s governing body. They have been urging a change in language to temper the fall in the dollar, which dropped by more than 4 per cent against the euro in September alone.

http://www.ft.com/cms/s/0/e87f070e-7c96-11dc-aee2-0000779fd2ac.html?nclick_check=1

:):hug

[SummerSailing81]

I'm beginning to think a lot of countries are doing everything they can to neutralize the U.S. as a world power and going after the dollar is the way to do it. If our economy goes south, so does our importance on the world stage. Since we're not mentioned in the last day's prophecy, this may be the beginning of the end for us as a world super power. It really saddens me to see how many nations literally hate the United States, even though we helped every single country to rebuild after WWII. Well, there's gratitude for you.

[RWSchilz]

I'm beginning to think a lot of countries are doing everything they can to neutralize the U.S. as a world power and going after the dollar is the way to do it. If our economy goes south, so does our importance on the world stage. Since we're not mentioned in the last day's prophecy, this may be the beginning of the end for us as a world super power. It really saddens me to see how many nations literally hate the United States, even though we helped every single country to rebuild after WWII. Well, there's gratitude for you.

Yes I agree, other nations hate us out of envy and pride they do not understand the blessing that this great nation has enjoyed for such a long time, but that to is fleeting.:)