CURRENCY: The Eagle Has Landed

The Eagle Has Landed

Quicker than you can say "currency speculation," the U.S. dollar has slumped to the lowest levels since last spring, completely wiping out the effects of a summer rally that had lifted the currency nearly 10% by late August, to a peak of 136 yen. Buoyed in part by a booming U.S. economy, the currency threatened to become strong enough to hinder progress in closing the trade gap.

But as Election Day drew near, currency traders grew bearish on the dollar, sending it to the 125-yen range. They blamed a slowdown in the U.S. economy, the surge last month in the trade-deficit...

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