FT.com / World / US & Canada - Dollar plunges to record low:

The dollar plummeted to record lows and the price of gold touched $1,000 on Thursday as retail sales figures confirmed that the US is in recession and concern intensified about spreading distress in the hedge fund sector.

The retail sales figures to which the piece referred showed a 0.6 percent decline for the month of February; a recession is two or more quarters of decline back to back, and since last quarter most likely saw an increase, it is much too early to declare we are in a recession, especially when many economists believe we will avoid one.