This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

New Record for the Euro

The euro was soaring to an all-time high against the greenback Thursday as poor results from a major bank pointed to yet more housing-related weakness in the U.S. economy.

The euro was buying $1.4297, up from $1.4189 late in the last session. It had traded as high as $1.4311, a level never before seen, earlier.

"There has been a whole host of bad news, but the single driving factor seems to have been the bad news from Bank of America (BAC - Get Report)," says Marc Chandler, currency strategist at Brown Brothers Harriman in New York.

Shares of BofA were dipping 3% in recent market action.

Elsewhere, the Labor Department said new claims for unemployment insurance jumped much more than expected last week. That only added to downbeat reports this week that included Wednesday's poor housing news and worrisome comments from the Federal Reserve's beige book.

Chandler points out that the forerunner for the euro, the Deutsche mark, had been even stronger relative to the dollar during the 1990s, with a high that would equate to roughly $1.457 for today's euro.

"So while the euro is at an all-time high, the dollar is not really at record lows," says Chandler.

Elsewhere in the foreign-exchange market, the dollar was buying 115.6 Japanese yen, down from 116.7 a day earlier. The British pound was selling for $2.0485, up from $2.0378 previously. Both were being marked higher based on the perceived weakness in the U.S. relative to the British and Japanese economies.

The PowerShares DB G10 Currency Harvest (DBV) exchange-traded fund was slipping 0.7%.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
DBV $25.09 0.20%
BAC $15.42 0.06%
AAPL $124.24 0.70%
FB $83.01 0.11%
GOOG $555.17 -0.65%

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs