In the currency market, the dollar was sharply higher against the euro for the second straight day. Late Thursday, the euro was trading at $1.5682 vs. $1.5881 on Wednesday.
The total value of the existing global gargantuan globular glut of derivatives is estimated to be more than $700 trillion! Compare this stupefying fact to the associated fact that global GDP is only about a lousy $50 trillion!
In the currency market, the dollar slumped to new lows against the euro. Late Wednesday, the euro was trading at $1.595 vs. $1.5791 on Tuesday.
A new government report shows home building tumbled in February for a record 24th straight month.
The Commerce Department reported shows that construction activity dropped 0.3% in February, while residential construction dropped by 0.9%.
According to AP, “residential activity has fallen every month since March 2006, a record period of declines that underscored the severe downturn that is going on in housing.”
