Euro Gains on the Dollar
The euro gained on the dollar rising to 1.4067 dollars from 1.4032 dollars at the close in New York yesterday. The European Central Bank is scheduled to make an interest rate decision tomorrow where it is widely expected that the bank will hold interest rates at the current 1 percent benchmark. More
US Mortgage Applications Fall 30%
The US-based Mortgage Bankers Association said today that applications for new mortgages plunged by 30 percent in June to the lowest level in seven months, indicating that earlier signs of a housing recovery may be short-lived. More
UK Purchasing Managers Index Slows Losses
In a sign that the British economy could be nearing the bottom of the recession, the Purchasing Manager’s Index (PMI) contracted at its slowest pace in over a year last month, and for the first time in fifteen months, the output index was positive. More
Yellen Says US Rates Could Remain Near Zero For Several Years
Janet Yellen – a voting member of the Federal Open Market Committee – said talk of a rate increase later this year are “jumping the gun”, noting that the US jobless rate will likely continue to increase for the rest of the year and even into 2010. More
