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Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says

Submitted by bad_karma on Fri, 10/16/2009 - 12:03
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Oct. 15 (Bloomberg) -- The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.’s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy.

“The U.S. economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger,” said Daisuke Uno at Sumitomo Mitsui, a unit of Japan’s third- biggest bank. “The dollar’s fall won’t stop until there’s a change to the global currency system.”

http://www.bloomberg.com/apps/news?pid=20601109&sid=a_A5nqmw...

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Thanks for the article.

Submitted by sunshine05 on Fri, 10/16/2009 - 17:10.

It's not sounding good. I just wish we knew how this will play out. It's so hard to know what to do with money these days.