NEW YORK (MarketWatch) - The dollar touched a fresh record low against the euro and dropped against other major currencies Friday, after a government report showed retail sales fell much more than forecast last month, heightening concerns over the state of the U.S. economy.
The dollar finished the week down over 1% against the euro and the yen on rising speculation the Federal Reserve will cut interest rates. The U.S. currency has come under heavy selling pressure since Tuesday after Wall Street's two largest rating agencies signaled that problems in the subprime mortgage market aren't going away and will probably get worse.
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Now, I know what you're thinking here, that the Forex market is ever changing and unreliable...well it is ever changing and it can be unreliable at times, but the truth is if you want to be good a trading currency you have to EXPECT these things to happen.
Truth is the market is always changing, it will never stay the same....never. Think of the market like a growing child, just when you think you got the hang of changing the diapers and warming the bottles up in the microwave; You got this whole other world of hurt coming when the child begins to walk, talk, eat by him/herself...the list keeps going on and on.
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