After a surprisingly strong performance in 2005, when the U.S. currency rose 15% against the euro and the yen, the dollar has stumbled out of the gate in what some worry may be an ominous sign for 2006.
In the first two trading days after last Monday's holiday in the U.S., the dollar suffered its largest two-day decline against the euro in five years as it tumbled 2.5%. While the stock market shrugged off weaker-than-expected employment numbers released Friday, the dollar didn't. The currency fell again on heightened fears of an economic slowdown, and that raised the possibility that last year's dollar rally may be petering out."
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