The US Federal Reserve has cut interest rates to 3.5%, a shock three-quarters of a percentage point reduction. The Fed, the US central bank, said latest figures indicated a deepening of the country’s housing market slump and increased unemployment levels.
Global stocks rebounded with most European indexes closing higher, while Wall Street regained some ground. […]
The Federal Reserve’s emergency rate cut on Tuesday drew a mixed response on Wall Street, though the move increased the odds of more reductions, including a possible half-point cut at next week’s regular policy meeting.
The Fed on slashed a key interest rate by a hefty three-quarters of a percentage point, the biggest cut in more […]
The dollar fell against the euro after the Federal Reserve made an emergency cut in interest rates for the first time in seven years.The currency’s decline was muted on speculation the 75- basis-point reduction in the target overnight rate will fail to halt a worsening global economic slowdown. The dollar’s drop was also limited as […]
The euro fell the most in a month against the dollar after European Central Bank council member Yves Mersch cited “downside risks’’ to the region’s economic growth.Traders sold euros as the comments fueled speculation the ECB will join the Federal Reserve in cutting interest rates this year. Yesterday, the euro rose to within one U.S. […]
The dollar sank to a 2 1/2- year low against the yen Wednesday in Asia as investors sold the greenback due to concerns over the U.S. economy and financial system.The dollar was trading at 105.98 yen at midafternoon Wednesday, down from 107.07 yen late Tuesday in New York and hitting the lowest levels since May […]
The dollar fell to a 2 1/2-year low against the yen as losses in credit markets widened and the U.S. economy showed more signs of sinking into recession.The U.S. currency also dropped to a record low against the Swiss franc on analysts’ expectations U.S. financial companies including Merrill Lynch & Co. will follow Citigroup Inc. […]
EU newcomers Cyprus and Malta adopted the euro Tuesday, bringing to fifteen the number of countries using the currency with increasing clout over the slumping U.S. dollar.The Mediterranean islands, both former British colonies, scrapped the Cyprus pound and Maltese lira at midnight local time.
Maltese Prime Minister Lawrence Gonzi had to wait a little before getting […]
The dollar fell on Wednesday as crude oil hit $100 a barrel and a gauge of U.S. manufacturing tumbled last month to its lowest level since April 2003, increasing expectations for more Federal Reserve interest rate cuts.Crude oil prices shot 4 percent higher on tight energy stockpiles and prompted investors to close risky trades, such […]
The dollar softened further after the US manufacturing ISM indicator showed an unexpected contraction in activity in December, suggesting the US economic slowdown is broad-based. The ISM fell to 47.7 from 50.8 in November and against expectations for a small rise to 50.9. Both the new orders and production components fell […]
The dollar fell against the euro, extending last year’s 10 percent decline, on speculation a slowdown in U.S. manufacturing will give the Federal Reserve more reason to lower interest rates.The dollar dropped near the lowest in three weeks versus the yen on speculation the Institute for Supply Management will say today that factories expanded production […]
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