Read (he article, analyse each paragraph and place its ideas according to the degree of their importance. Soft currency

The dollar is weak against a elutch of currencies that share many of its flaws

I.ondon is never a cheap destination, but American visitors to Britain's capital this summer will find their wallets emptying a little faster than usual. A dollar now buys less British currency than it has for a generation. On July 23rd, the greenback slumped to $2.06 against the pound, its weakest level since 1981. Paris is scarcely cheaper for transatlantic tourists: this week the dollar sagged to €1.38, its lowest rate since the euro's launch in 1999.

The greenback has never been further out of favour on currency markets. The Federal Reserve tracks the dollar's value against a weighted basket of seven currencies that are commonly traded beyond their respective borders. This index, regarded as a good gauge of financial-market sentiment about the dollar, has fallen to an all-time low.

What lies behind the latest bout of dollar weakness? Part of the slump is cyclical, reflecting America's weak economy. GDP growth this year is expected to be lower in America than in the euro area, Britain, Australia and Canada, according to The Econo­mist's, monthly poll of forecasters.

The origins of weak growth are a particular worry. Just as the trouble in America's housing market is a drag on the economy, the turmoil in the subprime-mortgage market weighs on the currency. Analysts at Goldman Sachs believe that lower overseas demand for corporate debt has put downward pressure on the dollar. The disquiet about mortgage credit in America, they suggest, may even have chipped away a little at the dollar's standing as a reserve currency.

High oil prices haven't helped either. Paul Robinson, a currency strategist at Barclays Capital, reckons that the dollar is the worst performing major currency during periods of rising oil prices. This might be because America uses more oil for each unit of output than other rich countries, so the higher cost of fuel hits growth - and thus the dollar - harder. American consumers are especially vulnerable, because low fuel taxes leave a thinner cushion between the cost of crude and retail prices. The spending of petrodollars also helps the dollar less than the euro, because oil-producing countries tend to import more from Europe than America.

So a steep oil price, a weak economy and an anxious credit market have all weakened the dollar. But America's growth prospects are not so poor and the subprime-mortgage market not so woeful - at least, not yet - that they can fully explain the dollar's recent sickliness. (Abridged from " The Economist" July 2 5'¹' - August I^s' 2008)

8.1. Make a schematic or a tabular presentation of each paragraph showing which ideas are of primary importance, which ideas are of secondary importance and which of them give details: figures, illustrations and examples. The first paragraph has been analysed for you as an example.

London is never a cheap destination, but American visitors to Britain's capital this summer will find their wallets emptying a little faster than usual. A dollar now buys less British currency than it has for a generation. On July 23rd, the greenback slumped to $2.06 against the pound, its weakest level since 1981. Paris is scarcely cheaper for transatlantic tourists: this week the dollar sagged to €1.38, its lowest rate since the euro's launch in 1999.

Example: