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US data better than expected
US data released yesterday showed better than expected retail figures for February, and Bank of America announced that they expect to operate profitably in 2009. This led to a surge in equity markets and a rise in risk appetite for investors with the MSCI world index making its biggest rally since November. Japan and China also signalled an increase in efforts to boost growth leading Asian and European equities higher.
Posted in Currency News, Euros, Financial News, Special Currency Offers, UK Pound Sterling, US Dollars
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US GDP Contracts 0.5%
The US economy contracted 0.5% in the third quarter sending global equity markets lower yesterday. The US accounts for 25% of global GDP and economic contraction in the US has significant implications for global market confidence. Otherwise, market movement is limited due to the holiday period. Continue reading
Fed Slashes Rates to 0.25%
The Federal Reserve slashed interest rates to an unprecedented 0.25% yesterday, making the current base rate the lowest in US history. The decisive reduction was announced amid further ‘quantitative easing’ measures to stimulate the economy and ward off deepening recession. The US Dollar depreciated following the news and global equities climbed. Continue reading