Do Stocks Dance to the Dollar's Tune?
Year to date through the end of September, the dollar index, representing the value of the U.S. dollar vs. a trade-weighted basket of foreign currencies, closed near 77 (a discount of 23% to 100, or parity, with the basket), registering a 6-percentage-point fall from the 83 level at the end of 2006, and equal to the forecasted average value of the dollar for all of 2007, according to Standard & Poor's Chief Economist David Wyss. He predicts the dollar will fall further in the year ahead, averaging 71 in 2008 and bottoming at 68 in 2011.
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