The dollar gained against the euro Thursday after news the U.S. service sector shrank less than expected in March.
An index of chief executives' confidence in the US economy plunged to a record low last month, reflecting deeper concerns about the credit crisis and prospects for hiring.
Now that Wall Street has gone through its version of “Survivor”, it’s time for a reality check. The credit crunch is probably far from over and is likely to play out like a mini-series than a reality TV show.
The dollar rose against the yen Wednesday, following U.S. stocks higher, as investors bet that the worst of the credit crisis may be over and grew more tolerant of risk.
US private-sector employers unexpectedly added 8,000 jobs in March, a report by a private employment service said, confounding economists' expectations of a fall.
The full text of Federal Reserve Chairman Ben Bernanke's prepared testimony before the Joint Economic Committee of Congress on April 2, 2008:
The $19 billlion writedown at UBS has cheered some investors who think that the worst of the credit crunch is now over. But the European Central Bank still faces the prospect of falling growth and rising prices.
The dollar vaulted higher Tuesday after major banks UBS and Lehman Brothers raised a combined $19 billion to shore up their balance sheets, boosting hopes that the worst of Wall Street's problems may be over.
Key regions of the United States remained mired in recessionary conditions this month, data Monday showed, as the slowdown in the world's largest economy wore on and inflation continued to hurt businesses.
Euro zone manufacturing activity cooled in March, but there was the biggest growth split among leading economies in seven years, while price pressures spiralled higher, a survey showed on Tuesday.
Australia's central bank was still concerned that interest rates might not be high enough to restrain inflation when it hiked rates to a 12-year high earlier this month, minutes of the policy meeting showed on Tuesday.
Business sentiment among big Japanese manufacturers has sunk to a four-year low, a Bank of Japan survey showed on Tuesday, in further evidence of a worsening economic outlook and reinforcing market speculation that the central bank may cut rates later in the year.
The euro came close to a record high against the dollar Monday as higher-than-forecast euro-zone price data reinforced expectations that the inflation-focused European Central Bank will not start cutting rates soon.
The full text of a speech on the "Blueprint for Regulatory Reform" given by Treasury Secretary Henry Paulson on March 31, 2008:
Business activity in the U.S. Midwest contracted in March for the second consecutive month, a report showed Monday that continued the recent run of data highlighting worries of recession.
Euro zone inflation jumped to new record highs in March while economic sentiment eased for the 10th month in a row, data showed on Monday, deepening the European Central Bank's interest rate dilemma.
Japanese industrial production fell less than expected in February, but the second monthly decline in a row did little to disperse clouds building over the economy.
Stocks closed lower Friday after a profit warning from J.C. Penney, which renewed fears about slower consumer spending. Financials and techs caved in after earlier attempts to rally.
The dollar edged higher against the euro and Swiss franc Friday, marginally supported by improving money market conditions that helped ease the impact of generally bleak U.S. economic data.
Stocks advanced Friday, boosted by benign inflation data and an upgrade on Lehman Brothers.