Euro zone inflation for July remained steady at 0.2 percent.» Read More
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.
UK factory gate inflation surged to a 16-year high in January, while input price inflation reached an all time high, official data showed on Monday.
Australia's central bank bluntly warned on Monday that it would likely need to raise interest rates again to restrain inflation, even as it trimmed its outlook for economic growth.
The euro recovered a little Friday but was on track for its biggest weekly fall versus the dollar in 1-1/2 years amid growing expectations the European Central Bank will cut interest rates later this year.
In remarks to an audience in Honolulu, Yellen said that an extended spell of slow growth as the most likely outcome, but she later told reporters that a recession was within the range of normal forecasting error.
Japan's core machinery orders fell more than expected in December, suggesting that corporate activity is feeling the pinch from slowing U.S. growth. But manufacturers still forecast that core orders, regarded as a leading indicator of capital spending, would rise in January-March from the previous quarter.
Both the euro and the pound retreated against the U.S. dollar as the Bank of England cut interest rates and the European Central Bank appeared to leave the door open for an eventual reduction.
The U.S. economy showed further signs of slowing, particularly with Thursday's report that the jobless ranks continued to swell last week
Jobless claims fell by 22,000 last week, but the number of workers remaining on jobless aid rose to its highest in more than two years.
The Bank of England is widely expected to cut interest rates by 25 basis points Thursday, for the second time in three months, in a delicate balancing act between offsetting the impacts of a slowing economy and fending off inflation.
The Fed must remain vigilant against rising inflation pressure this year even as the U.S. economy slows sharply, Philadelphia Fed President Charles Plosser said.
Richmond Federal Reserve Bank President Jeffrey Lacker Wednesday said policy-makers are worried about the possibility of recession, but that persistent inflation remains a worry for the central bank.
U.S. productivity in the fourth quarter rose at a stronger-than-expected pace as the biggest cutback in working hours in nearly five years helped restrain growth in labor costs, a U.S. Labor Department report showed on Wednesday.
The dollar edged lower against the yen and the euro Wednesday with investors reluctant to place big bets on currencies ahead of a key interest rate decision from the European Central Bank on Thursday.
The European Central Bank is likely to keep its title as the last inflation hawk standing at its rate-setting meeting Thursday, but as fears of a global economic slowdown grow, calls for easing will only increase.
The most likely path for the US economy is sluggish growth for at least half a year before a gradual recovery begins, Richmond Federal Reserve Bank President Jeffrey Lacker said.
The euro tumbled broadly Tuesday after dismal euro zone service sector data fedexpectations the European Central Bank also might have to cut interest rates to shore up growth.