Pound Falls to Record Low Against Euro
The pound weakened against the euro – falling to a record low 82.38 pence per euro – on news that the Bank of England will likely make further cuts to the interest rate. This follows a full one and half percent cut last week, lowering the overnight rate to 3.0 percent. More
Bank of America Calls US Dollar “At Risk”
The US dollar has delivered strong gains against the euro and pound particularly in the last few weeks, but the Bank of America says these gains “increasingly at risk” and could reverse by year-end.
“A weak economy and declining stock prices are not a solid foundation for any currency over time,” Robert Sinche, head of global currency strategy at Bank of America wrote in a recent research note.
More
Oil Drops Under $59 a Barrel
The bear market for oil grows on fears of a continued worldwide slowdown reducing demand for energy. Prices have dropped nearly 60 percent from a record $147.27 this past summer.More
Bank of England Predicts UK Recession
The Bank of England today predicted that the country can expect to be faced with a year-long recession that could see growth shrink by 2 percent. The Bank also acknowledged that England likely entered into a recession in the third quarter of the current year with no recovery until late in 2009. More
Britain’s Unemployment at 1.82 Million
The number of people actively looking for work in the UK topped 1.82 million people after another 140,000 individuals were added to the ranks of the unemployed in October. This is the highest number of unemployed since 1997. More
