Seminar
November 2, Raley 3010, 2 pm
Artie Zillante, University of North Carolina at Charlotte
November 2, Raley 3010, 2 pm
Artie Zillante, University of North Carolina at Charlotte
From the WSJ Morning Brief:
The dollar is continuing to take a beating against other currencies with the prospect of another rate cut by the Fed today. Lower interest rates might give a lift to U.S. markets, but they have to opposite effect on the dollar. The euro hit its fourth new high in as many days, shooting up to $1.4454 before retreating slightly, while the pound rose above $2.07 -- a 26-year high, the Associated Press reports. In Asia, authorities in South Korea, the Philippines and India intervened in the currency markets to prop up the dollar in hopes of limiting the damage on their export-reliant economies, and Hong Kong was forced to buy dollars to defend the Hong Kong dollar's peg to the U.S. currency, Dow Jones Newswires reports. The underlying problem, The Wall Street Journal notes, is that U.S. growth is slowing while the rest of the world is still charging ahead, and while the 4.75% benchmark rate in the U.S. is still higher than the euro zone's 4% rate, that difference is much smaller than it was just a short time ago.
