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ruben.maritime

The first web2.0 spanish blog about Maritime Affairs. El primer blog web2.0 español sobre el sector marítimo.

Fears rise over weakened dollar [Cruise & shipping]

NEW YORK 29 November – The US dollar is rebounding somewhat today in the wake of a sharp slide that raises questions about currency fallout for trade flows. Yesterday, the dollar hit a 20-month low against the euro and pound, at $1.321/euro and $1.948/pound – despite words of reassurance on the US economy from Federal Reserve chairman Ben Bernake. The dollar has come back to $1.316/euro today. For shipping, the dollar’s fall could spur more US container exports on the backhaul run, although this is expected to be overshadowed by lower growth inbound as the US economy cools. Meanwhile, there is less public concern in the euro zone over currency’s impact on exports than during the previous peak in late 2004. “While the euro is surging against the dollar and yen, its trade-weighted value against a basked of 23 trading partners hasn’t steepened as sharply,” explained the Wall Street Journal.

Currency implications could also hit the cruise sector, making dollar-denominated voyages more attractive to European passengers, while making dollar-denominated cruises to Europe next summer more attractive to North American passengers (versus euro-denominated hotel bookings). Cruise lines placing euro-denominated orders for vessels earning revenue in dollars will be negatively impacted to the extent orders are unhedged. And if the euro-dollar imbalance widens further, future cruise newbuilding orders for North American brands would be dampened.

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