Dollar Falls Against Euro
Apr 23rd, 2009 | By Doug Casey | Category: Financial NewsIn the currency market, the dollar fell against the euro. Late Wednesday, the euro was trading at $1.3001 vs. $1.2957 on Tuesday.
Sterling took a beating, falling 1.2% versus the dollar, from $1.4671 to $1.4489, as the Office for National Statistics reported that unemployment claims rose less than expected in March but still hit a 12-year high. Overall, the British unemployment rate surged from 6.1 to 6.7%.
At the same time, the Office for National Statistics reported that government borrowing in March rose more than expected, putting the total for the recently completed fiscal year at £90 billion, or 6.2% of gross domestic product. That’s up from £34.6 billion in the previous fiscal year, and far above the government’s November forecast for a rise to £78 billion.
Domestically, the Federal Housing Finance Agency said its home prices index rose for the second straight month in February, though it still slipped 6.5% annually.
And General Motors (NYSE:GM) continues to flounder, as the company announced yesterday it plans to skip a $1 billion debt payment due June 1.
GM CFO Ray Young admitted that bankruptcy is “probable,” although the company, with the backing of the U.S. government, will right the ship “in court or out of court,” he said.
Source: Dollar Falls Against Euro
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