Credit Crunch Deepens
The London Inter-Bank Offered Rate (LIBOR) – the benchmark rate used to set interest rates – continues to climb underscoring the difficulties facing institutions trying to borrow money to meet short-term operational costs.
Euro Falls to 3-Month Low
The Euro fell to to its lowest rate against the dollar in over a year as European Central Bank President Jean-Claude Trichet makes the case for holding the line on interest rates.
European Growth Falls to 2.52% from 2.66%
Economic growth in the Euro Zone countries fell to a three-month low
Australia and New Zealand Dollars Decline
Fears that the proposed U.S. bank bailout will not prevent the world’s largest economy from descending into a prolonged recession triggered large sell-offs of Australian and New Zealand dollars adding to recent day losses.
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