The dollar touched a seven-week high against the yen and pulled further away from a record low versus the euro Friday after Citigroup earnings contained less damage from the crisis in credit markets than some had expected.
The federal funds rate is now low enough to boost economic growth as the impact of previous interest rate cuts starts to kick in, Philadelphia Federal Reserve President Charles Plosser said Friday.
Executives at several top diversified U.S. manufacturers said they are starting to see signs of the slowing economy taking a toll on business, tempering their outlook for 2008.
The euro cannot replace the dollar as the world's main reserve currency, and a system of two reserve currencies would be unstable, billionaire investor George Soros said on Thursday.
The euro retreated from a record high against the dollar in choppy trade Thursday after a top euro zone official called recent euro appreciation "undesirable."
Banks are so wary about lending that credit costs are pushed up despite cuts in interest rates, Fed Vice Chairman Kohn said. .
Factory activity in the U.S. Mid-Atlantic region contracted for a fifth straight month in April, a survey released on Thursday showed.
The number of US workers applying for unemployment benefits rose by 17,000, which was marginally less than expected, while those of workers remaining on jobless benefits were at the highest level in almost four years, a government report showed on Thursday.
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The Federal Reserve said economic conditions were weakening across much of the nation while price pressures from food, fuel and raw materials were increasing.
San Francisco Federal Reserve Bank President Janet Yellen said on Wednesday that economic prospects for the United States are "unusually uncertain," with growth "at best" at a crawl.
The euro pushed to a new record high Wednesday after a lower-than-expected gain in U.S. inflation last month and a sharp fall in housing starts boosted the case for more Federal Reserve interest rate cuts.
Measuring inflation without including food and energy costs no longer makes sense, PIMCO Chief Investment Officer Bill Gross told CNBC.
Over the past 12 months, consumer inflation is up by 4%, reflecting a 17% surge in energy costs and a 4.4% rise in food prices.
US consumer prices rose 0.3% in March, slightly less than expected as cheaper clothing helped hold down overall prices despite a modest rebound in energy prices, a Labor Department report showed.
Surging energy and food prices pushed euro zone inflation to a new high of 3.6 percent in March, boosting the euro to a record high against the dollar on fading chances of a ECB rate cut in the near term.
China's surging inflation and rapid economic growth have eased slightly amid government efforts to end food shortages and cool an investment boom, according to data reported Wednesday.
A crucial economic report is due Wednesday. Will it reveal that 70’s style inflation is back in fashion?
Strong U.S. producer price growth in March may bode ill for Wednesday's reading on inflation at the broader consumer level, even though the two measures do not always move in lock-step.