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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Pound, Euro Fall Against Dollar

One small silver lining in all of this dour economic news: Your dollar may soon go further overseas, particularly in Europe. While it has been painful to see the conversion of U.S. currency in Europe in recent years, news today from England's central bank chief that the country is in a recession and its currency may fall faster than expected sent the pound and the euro lower. The markets are also down in Europe, with London's FTSE down 2.7 percent today and the DJ Stoxx index down 3.6 percent. In Asia, the news is similar as Japan continues to struggle with a higher yen and fewer exports to the United States and elsewhere, as consumers cut back.

One-third of the Standard & Poor’s 500 reports quarterly earnings this week. Today’s segment (just to name a few) includes: Amazon, AT&T, Boeing, General Dynamics, Northrop Grumman, Northwest Airlines and Wachovia.

Later this morning, we’ll again be watching for news on Capitol Hill. The House Oversight and Government Reform Committee holds a hearing at 10 a.m. today, the first in a series on the regulatory mistakes that led to the current financial crisis. Check back here for updates.

--Sara Goo

By Sara Goo  |  October 22, 2008; 7:12 AM ET
Categories:  The Ticker  
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The problem with a stronger dollar is that it will also make American exports more expensive overseas which will hurt the automobile industry and the computer chip industry and increace the trade deficit.

Posted by: RJ | October 22, 2008 8:26 AM | Report abuse

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