To start there are 3 other Dollar Diaries worth Checking out today too
Saudis reconsidering dollar as reserve currency?
The Dollar: The NYTimes vs. the BBC
Bernanke to $, "see ya later, and lower"
This story is a bit more personal, i think!
When I moved her some 4 years ago ... the C$ was worth approximately 0.65US$
The DowJones was about 8500 (rebased to the C$ - 13076)
The loonie briefly reached $1.0003 US on foreign exchange markets, the Bank of Canada confirmed. The loonie's stint at parity was brief, however, as it slipped back to trade at 99.88 cents US.
This great stock market recovery!? ... well ... it hasn't actually happenned when You rebase it against the currency MOST linked to the US$ -- the loonie.
This whole idea that there is a recovery or 'bull market' is a complete illusion.
What else has happenned since i moved down here ... well, fortunately for the market and economic analysis, the consumer price index leaves out little things like food and energy costs ... so i would just like to review 2 items that are pretty stable indicators of that ...
Milk -- was about $2/gallon when i moved here and is now about $3.25 (these are using the cheapest that i can find numbers)
Gasoline -- was about $1.19 when i moved and is now about $2.70
I don't know where this idea that the economy is either booming or recovering ... but from where i am sitting -- it is sucking harder and deeper down a well ... and any pretentions to make it into something that it clearly isn't is simply bizarre!
a bit of an update from the CBC Story:
"We've come a long way. It wasn't that long ago that the Canadian dollar was trading around 60 cents and people were thinking the end was near," said Steve Butler, director of foreign exchange at Scotia Capital.
"And now, seeing it close to parity with this much strength and this much momentum, I don't think parity is going to be the number that stops it," he told CBC News.
Butler said he wouldn't be surprised if the loonie passes parity shortly and then possibly retreats below par before resuming its rise.
"I still think the fundamentals are so strong right now that we will see Canada continue to climb," he added.