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Bill Gates Sees Dollar’s Slide Continuing
DAVOS, Switzerland (Jan. 05) -Microsoft Chairman Bill Gates says he believes the slide of dollar will continue.
“The dollar is going to go down, there’s no question,” the founder of the world’s largest software maker said at a media event at the World Economic Forum late Friday.
The dollar’s decline has been a particular worry for European leaders who see that hurting the competitiveness of European economies and hampering their growth perspectives.
A cheap dollar keeps American tourists away from Europe and makes European imports into the United States expensive.
The euro hit a record high of more than US$1.36 at the end of December, though it has since fallen back. It traded at US$1.30 Friday, still up almost 9 percent in the past six months.
European leaders, including German Economics Minister Wolfgang Clement, have taken the United States to task over its ballooning current account and budget deficits, which they blame for the dollar’s decline.
Policy makers for the Group of Seven leading industrial nations meet in London next week when they’re expected to discuss the dollar’s weakness
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