“False Dawns” Warning Drags Down Sterling
After hitting as high as $1.60 earlier this week, the British Pound has fallen back to $1.5925 in mid-day trading in London after a warning from the Bank of England’s David Blanchflower that predictions that the global economic crisis is improving were optimistic.
“My worry is that there can be many false dawns and we shouldn’t assume that everything is over,” Blanchflower said in an interview with the Times newspaper. More
Japan Posts Unexpected Trade Surplus
Japan posted an unexpected trade surplus of 69bn yen ($729m; £455m) for the month of April marking the third straight month for a positive trade balance. Still, exports for the world’s third largest economy were down 39.1 percent when compared to April 2008. More
Economic Confidence in Europe on the Rise
A survey of the euro zone countries shows that business and consumer confidence rose 2.1 points over April’s results to 69.3 on the index scale used to measure economic sentiment. More
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