The currency declined for a seventh day against the euro after Bernanke told a Senate panel that a housing slump may cause smaller U.S. banks to fail and unemployment to increase. The yen rose against the South African rand and Australian dollar as Asian stocks declined, prompting investors to reduce holdings of higher-yielding assets funded with loans in Japan.
``This is the Bernanke shock, causing much faster dollar depreciation than expected,'' said Michiyoshi Kato, a senior vice president of currency sales in Tokyo at Mizuho Corporate Bank Ltd., a unit of Japan's second-largest publicly traded lender by assets.
The dollar slumped to 104.28 yen, the weakest since May 2005, before trading at 104.33 as of 7:53 a.m. in London, from 105.37 late in New York yesterday and 107.17 a week ago. It fell to $1.5239 per euro, the lowest since the 13-nation currency was formed in 1999, from $1.5193 yesterday.
The U.S. Dollar Index, which tracks the currency against six major counterparts, yesterday touched 73.63, the lowest since its start in 1973. The index, traded on ICE Futures in New York, traded at 73.815. The euro is 30 percent above its debut level against the dollar, and up 84 percent from a record low of 82.30 U.S. cents in October 2000.
Read more:Dollar Falls to Record Versus Euro, Three-Year Low Against Yen
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The Direct Selling Association (DSA), a lobbying group for the multi-level marketing industry,
reported that in 1990 twenty-five percent of members used MLM, growing to 77.3 percent in 1999.[19]
By 2009, 94.2% of DSA members were using MLM, accounting for 99.6% of sellers, and 97.1% of sales.[20]
Companies such as Avon, Electrolux, Tupperware,[21] and Kirby all originally used single level marketing
to sell their goods and later introduced multi-level compensation plans.[16] The DSA has approximately 200
members [22] while it is estimated there are over 1,000 firms using multi-level marketing in the United States alone.[23]
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