Dollar Holds Steady
Doug Casey (December 4th, 2008) Writes:
In the currency market, the dollar was slightly higher against the euro. Late Wednesday, the euro was trading at $1.27 vs. $1.271 on Tuesday.
Sterling took a much bigger hit, falling from $1.4916 to $1.4768, as the currencies are pressured by expectations for those big rate cuts by the European Central Bank and Bank of England today.
In the day’s hard numbers, bleak data continued piling up.
Non-manufacturing activity in the US contracted in November at the fastest pace on record, according to a survey of companies released by the Institute for Supply Management. The ISM index sank to 37.3% from 44.4% in October. That’s the lowest level since the survey began in 1997.
Also announced was that the US private sector shed 250,000 jobs in November, according to the ADP national employment index. That was the biggest job loss in seven years.
The ADP report precedes Friday’s government labor market figures for November,
...bank of england, contrarian profits, European Central Bank, Institute For Supply Management, Ism, Market Commentary, United States, USD


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