US Dollar and Yen Lose to Euro
Higher-than-expected earnings from several US big banks prompted traders to abandon both the dollar and the yen in favor of higher-yielding currencies. More
White House Adviser Says US Economy is Recovering
Saying that the US economy has come “some substantial distance back from the abyss”, Chief White House Economic Adviser sounded a positive note on Friday as he addressed a forum at the Peterson Institute for International Economics.
“The economy was in free fall at the start of the year with no apparent limit on how much worse things could get,” Summers said. “We were at the brink of catastrophe at the beginning of the year but we have walked some substantial distance back from the abyss.” More
Former Fed Governor Seeks Weak Employment Until 2015
Former Federal Reserve Governor Laurence Meyer, said today that it could be another six years before the US returns to employment levels on a par with those before the current recession.
“I think there’s going to be a long legacy of the financial crisis and the deep recession,†Meyer said in an interview today on Bloomberg Radio. More
US Housing Starts Hit Seven-Month High
Housing starts in the US jumped by 3.6 percent in June to an annual rate of 582,000 units. More
