Falling Crude Pulls Down the Loonie
As crude prices continue to fall – dropping below $75 a barrel on Wednesday – the Canadian dollar also lost ground to the greenback. Canada relies on commodities and oil in particular, for nearly half of its export value.
Citigroup Analyst Predicts Euro to Continue Losses Against Yen
Citigroup Global Markets announced today that a protracted credit crunch will lead the euro to a 12 to 13% loss against the yen as investors opt for the greater safety offered by the yen.
UK Inflation Tops 5%
September inflation results for the United Kingdom as measured by the Consumer Price Index, climbed to 5.2% up from 4.7% a month earlier. This far exceeds the 2% growth target established as part of the country’s monetary policy goals.
U.S. Retail Sales Drop by 1.2%
U.S. Retail Sales continued to slide in September in the face of growing consumer uncertainty and fears of a deepening recession.
EU Ponders Higher Bank Guarantees
In a move to instill greater confidence in the Eurozone banking system, the European Commission has proposed boosting the minimum guarantee on bank deposits from the 50,000 euros to 100,000 euros.
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