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 After sliding for months, on July 15th, the dollar finally fell to parity with the euro, and then slid further. Now that it has broken this psychologically important barrier, is the American currency heading for freefall?
After months of turbulence on the foreign-exchange markets, during which the dollar drifted downwards, the decline has gathered pace. On Monday July 15th, the dollar finally fell below parity with the euro for the first time since early 2000. In economic terms, reaching parity with the euro is not particularly significant. It will not, of itself, make much difference if the dollar/euro rate were fractionally one side or the other of parity. For the foreign-exchange markets, though, parity has assumed great symbolic significance. Some currency experts believe that the dollar will now fall sharply against both the euro and the Japanese yen.
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