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Australia's central bank considered raising interest rates by a more aggressive 50 basis points at its Feb. 5 policy meeting, minutes of the meeting showed on Tuesday, pointing strongly to further hikes ahead.
The dollar recovered in trade thinned by a U.S. market holiday on Monday, as investors locked in profits following the currency's worst weekly performance of the year so far.
The dollar fell against most major currencies Friday after data showing sharp declines in consumer sentiment and New York area manufacturing rekindled fear that the economy continues to slouch toward recession.
A slew of weak economic news and stronger than expected inflation news is weighing on stocks ahead of the Presidents’ Day weekend. Consider: .
Former U.S. Federal Reserve Chairman Alan Greenspan on Thursday said the U.S. economy is "clearly on the edge" of a recession.
The Bank of Japan left its policy rate target unchanged at 0.5 percent on Friday as uncertainty persists over the nation's economic outlook despite resilient growth figures for the last quarter of 2007.
On Tuesday, we had the Warren Buffett rally. On Valentine's Day, it was the Ben Bernanke selloff.
The dollar dipped against the euro and yen Thursday after Federal Reserve Chairman Ben Bernanke said the U.S. economic outlook had worsened and that the central bank would act as needed to support growth.
Fed Chairman Bernanke told Congress the country's economic outlook has deteriorated and signaled that the central bank is ready to keep lowering rates.
The full text of Federal Reserve Chairman Ben Bernanke's prepared testimony on the state of the U.S. economy and financial markets delivered before the Senate Banking Committee.
Singapore cut its economic growth forecast for 2008 on Thursday after the first quarterly contraction since 2003, citing worries about a U.S. recession, and said inflation would be higher than it thought earlier.
Australia's jobless rate surprised by falling to a 33-year low of 4.1 percent in January, adding to concerns the drum-tight labor market was stoking inflation and cementing the case for an urgent rise in interest rates.
Japan's economy grew 0.9% in the last quarter of 2007, double the expected rate, but a likely slowdown this year meant analysts still saw the Bank of Japan keeping interest rates on hold in 2008, or possibly cutting them.
Fed Chairman Ben Bernanke has yet to win the hearts and minds of many on Wall Street. But a stand-out performance during his appearance before Congress on Valentine’s Day may bring him considerably more admirers.
The dollar rose to a one-month high against the yen Wednesday after government data showed an unexpected rise in U.S. retail sales last month, momentarily dampening views that the U.S. economy is contracting.
Japanese annual wholesale inflation hit a 27-year high of 3 percent in January due to rising oil and other raw material costs, but the Bank of Japan is likely to sit tight on rates in the face of cost-push inflation and slowing global growth.
Federal Reserve Chairman Ben Bernanke told lawmakers Tuesday he expects the downtrodden U.S. housing sector to improve by the end of the year.
The dollar fell against the euro Tuesday but gained on the yen after Warren Buffett said he had offered to assume troubled bond insurers' liabilities, a move that may ease recent credit market turmoil.
The U.S. appears likely to avoid an economic downturn but the chances of a recession have risen, St. Louis Federal Reserve Bank President William Poole said Monday.
The yen rose broadly Monday as investors grew more risk averse, while the euro eked out a small gain against the dollar as the market weighed inflation remarks from monetary policy-makers.