Weekly Reading 11/01/2009
Pound Set for Record Weekly Gain Versus Euro as BOE Cuts Rates
The British currency was also set for its biggest five-day advance versus the dollar since 1990 even as the Office for National Statistics said factories raised prices at the slowest annual pace in a year and manufacturing extended its worst slump in almost three decades. U.K. policy makers cut the benchmark rate yesterday by 50 basis points to 1.5 percent, the smallest reduction of the past three. “The pound will gain further traction against the euro and dollar as monetary and fiscal authorities seek to preserve international investor interest in sterling-denominated assets,” said Stephen Gallo
Dollar Up Sharply Against Euro
The dollar was up sharply against the euro after the U.S. payrolls report showed the number of job losses in December was smaller than feared. While the data showed a job loss of 524,000 and the unemployment rate hit the highest since 1993, some economists had expected a loss of more than 600,000 jobs before the release.
“It was like riding a tiger, not knowing how to get off without being eaten.”
– Satyam chairman B. Ramalinga Raju
http://en.wikipedia.org/wiki/Satyam#Accounting_scandal_of_2009
Posted in Finance
I'm Gurinder nesting in UK working as a Software Engineer in Telecom. I started this blog to note down my activities; mainly regarding financial engineering and news. It's not to advise someone, just mear to record for myself; although comments are more than welcome. More interested in my life its