1:25 AM
12:34 AM
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2:45 PM
News
The euro fell to the lowest level against the dollar in more than seven months after European reports showed retail sales and business investment dropped and crude oil extended its decline.
The yen rose for a fifth day against the euro and increased to a two-year high versus the New Zealand dollar as signs of a global economic slowdown and stock market losses led investors to sell higher-yielding assets and pay back loans in Japan. The dollar remained higher versus the euro as U.S. factory orders rose more than forecast.
Sterling dropped as much as 1 percent to $1.7668, the lowest level since April 2006, as a Nationwide Building Society survey showed British consumer confidence stayed at a four-year low in August. The pound traded at 81.36 pence per euro, near a record low of 81.64 pence reached yesterday. The Bank of England will keep its target lending rate at 5 percent tomorrow, according to all 61 economists surveyed by Bloomberg News.
The yen rose for a fifth day against the euro and increased to a two-year high versus the New Zealand dollar as signs of a global economic slowdown and stock market losses led investors to sell higher-yielding assets and pay back loans in Japan. The dollar remained higher versus the euro as U.S. factory orders rose more than forecast.
Sterling dropped as much as 1 percent to $1.7668, the lowest level since April 2006, as a Nationwide Building Society survey showed British consumer confidence stayed at a four-year low in August. The pound traded at 81.36 pence per euro, near a record low of 81.64 pence reached yesterday. The Bank of England will keep its target lending rate at 5 percent tomorrow, according to all 61 economists surveyed by Bloomberg News.
11:51 AM
BOE Holds Interest Rate at 5 Percent
The pound dropped 0.3 percent to $1.8621 on the Bank of England's economic outlook, after touching $1.8512 on Aug. 15, the lowest level since July 2006.
BOE policy makers split three ways when they kept the target lending rate unchanged earlier this month, minutes of the Aug. 7 meeting showed today. Governor Mervyn King and six other members of the Monetary Policy Committee held the benchmark at 5 percent, while one official voted for a rate increase and another called for a cut to help sustain growth.
BOE policy makers split three ways when they kept the target lending rate unchanged earlier this month, minutes of the Aug. 7 meeting showed today. Governor Mervyn King and six other members of the Monetary Policy Committee held the benchmark at 5 percent, while one official voted for a rate increase and another called for a cut to help sustain growth.
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