Dollar Holds Steady
Dec 4th, 2008 | By Doug Casey | Category: Financial NewsIn 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, with analysts expecting nonfarm payrolls to decline by 350,000. If that happens, it would be the worst loss in more than 25 years.
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.