"Michael Woolfolk, senior currency strategist for The Bank of New York Mellon, examines the forces pushing the dollar lower....Have to admit a bias in this one. Many of the people I went to school with read the blog and if there is one thing I know, it is that they all have been wondering where is Michael J. Woolfolk. Well, Mark found this! A must watch. ;) (yes it is a video!)
Woolfolk: I think that it is primarily an interest rate story, but we can’t be that simplistic about it. It’s also a growth rate story....We’re going to be seeing roughly about zero percent growth perhaps in the first half of this year. Europe will see something on the order of 1.5 percent growth. So even though Europe is slowing on a relative basis, they’re still growing faster than us.
We’re having difficulty attracting foreign investment into our stock and bond market currently, which also is undermining the dollar."
Monday, March 24, 2008
Bank of New York's Michael Woolfolk Discusses The Dollar - Features and Interviews - HardAssetsInvestor.com
Bank of New York's Michael Woolfolk Discusses The Dollar - Features and Interviews - HardAssetsInvestor.com: