Dollar Pushes Back Euro, Kids Failing to Leave Home
The fragile economy and poor career prospects for the current generation of college graduates are currently in such a bad way that more than 20 million people between the ages of 18 and 30 are now living at home with their parents, a rise of more than 45% since the beginning of the financial crisis in 2008. More than a million of those are college graduates from the last two years.
This damning report has once again placed the spotlight on the struggles that the younger generations are now facing, with many unable to find gainful employment, let alone a career in the field they had studied at college.
With students still putting themselves in hundreds of thousands of dollars worth of debt to gain their qualifications, some are starting to shy away from further education, a trend that the US government will be keen to put an end to sooner rather than later.
Dollar Pushes Back Euro’s Advance
The dollar gained ground on the Euro after earlier losing out to the 17-nation currency. A member of the European Central Bank went on record as saying that he saw no need for interest rates to be cut any further which, in addition to good news relating to the ESM, gave the Euro traction leading to further gains.
The dollar was down by 0.1% on the yen, resting at 77.80 yen to the dollar but made significant gains against the euro by the close of trade in New York. The dollar was up by 0.3% at $1.2899 to a euro.
Euro gains expected to continue
Forecasts related to the end of year value for the euro across the continent have been readjusted following the announcement of the ESM and this month’s announcement from Mario Draghi confirming that the European Central Bank will be willing to purchase sovereign bonds.
Barclays lead the way in their assessment of the situation, forecasting a rise to $1.35 per euro by the end of the calendar year. This represented an increase of $0.15. Other banks also adjusted their forecasts, with the average estimate sitting at around $1.28 per euro.