The dollar slipped on Monday, losing some of its recent momentum, after better-than-expected earnings from Bank of America failed to convince investors that the worst for the U.S. financial sector is over.
The index of leading U.S. economic indicators slipped 0.1 percent in June, showing that the limping economy is still far from being on the mend, the Conference Board reported.
As losses mount at American banks and the pain of the credit crisis spreads from housing and finance to the broader economy, many small companies complain it is increasingly difficult to obtain loans.
The U.S. economy needs months to recover from its slowdown, but the banking system remains sound despite a home mortgage crisis that could cause more problems, Treasury Secretary Henry Paulson said.
The British economy is heading into recession and interest rates should fall to "well below" their current 5 percent, Bank of England policy-maker David Blanchflower was quoted as saying in a newspaper interview.
The U.S. economy may have avoided a recession but will grow below trend for some time as firms face higher prices for a range of goods that will cut into profits, according to a panel of economists surveyed.
Australia's producer prices rose by less than expected last quarter thanks to falling costs for a range of imported goods, perhaps lessening the risk of an alarmingly high reading for consumer inflation later this week.
Stocks are casting a wary eye on oil and, lacking any dramatic events, earnings news could steer the market.
With consumers feeling the pain at the pump this summer, what states rank among the 10 cheapest for a gallon of regular unleaded on average? Find out!
Federal Reserve can not wait until financial and housing markets stabilize before raising interest rates, Minneapolis Fed President Gary Stern said in an interview with Bloomberg on Friday.
Americans, unnerved by a worsening job market and sky-high oil prices, plan to pay off debt and boost savings in preparation for expected further economic turmoil, according to a survey from Reuters and the University of Michigan.
The dollar rose against a basket of six major currencies on Friday, boosted by news Citigroup posted a smaller-than-expected loss in the second quarter, further calming fears about the health of the U.S. financial sector.
A quick, decisive, Fed-led program of dollar purchasing would stabilize the currency and re-set levels for the 40-plus nations pegged against it. It would bring oil prices down by an estimated 20 to 30 percent.
Euro zone economic growth is likely to be weak in the second and third quarters before staging a recovery, and second-round inflation effects need to be prevented, ECB President Jean-Claude Trichet said.
Bank of Japan Governor Masaaki Shirakawa said on Friday the central bank was putting equal focus on inflation and downside risks to the economy, reinforcing the view that interest rates will stay on hold at least for the rest of this year.
Citigroup's better-than-expected earnings report turned the tide ahead of the open.
The dollar fell against the euro on Thursday as U.S. data on construction and jobless benefits delivered a mixed picture, while major American banks reported better-than-expected earnings.
Factory activity in the U.S. Mid-Atlantic region shrank again in July, reflecting a weakening economy and the strain of rising costs.
The number of U.S. workers filing new claims for jobless benefits rose by a less-than-expected 18,000 last week to 366,000 on a seasonally adjusted basis, a Labor Department report showed on Thursday.
China's economy slowed in the second quarter under the weight of slower exports and a drive by the central bank to tighten credit, but inflationary pressures remained uncomfortably high, the government said on Thursday.