Euro Reaches Record High Versus Pound
The euro reached 87.79p against the pound yesterday and some analysts predict that it is not far from reaching parity given the economic troubles brewing in the UK. More
Yen Falls on News of US Congress Reaching Auto Bailout Deal
The yen fell against both the euro and the US dollar as stock futures climbed as word spread that Detroit’s auto makers had been thrown a lifeline that will stave off bankruptcy in the near-term. More
China’s Exports Down 2.2% for November
For the first time since 2001, China has recorded a decline in exports with November 2008 dropping by 2.2 percent from the same month one year ago. Even more concerning however, is the 17.9 percent decline in imports suggesting that the Chinese economy is showing the strains of the global financial crisis. More
UK Economy Continues to Contract
The National Institute of Economic and Social Research released data today showing that the UK economy contracted by 1 percent between September and November after shrinking by 0.8 percent for the three months leading into the latest survey. This shows that the rate of contraction is actually accelerating and estimates are that the economy could shrink by more than 1 percent for the final quarter of the year. More
