Dollar dropping against Euro

Might be a good idea to put off that European vacation (as it will cost you a small fortune) and cruise around California instead. According to Bloomberg:

The dollar is poised to decline to a record low against the euro and extend its drop versus the pound on speculation U.S. economic growth is slowing, dimming the value of the currency. The U.S. currency fell yesterday as investors bet the Federal Reserve will cut borrowing costs as inflation slows, while the European Central Bank and Bank of England will keep raising rates. The dollar also fell against the yen as investors reduced holdings in higher-yielding assets funded by loans in Japan, unwinding what are known as carry trades. “The euro is obviously testing its historical highs,” said Axel Merk, head of Merk Investments LLC in Palo Alto, California. “We are going to breach those in the near future”.