Wednesday, October 31, 2007

More Dollar problems.

US spent $43.5 billion on intelligence in 2007 : The national intelligence budget does not include at least $10 billion spent by military intelligence operations.

Crude oil hits record $93, fuelling fears of a recession : Yesterday, crude oil climbed above $93 a barrel in New York for the first time, as Mexico shut one fifth of its production and the dollar fell to a record low.

Dollar falls to record lows ahead of Fed decision: The dollar dropped to record lows against the euro for the third consecutive session on Tuesday ahead of the outcome of a Federal Reserve meeting at which an interest rate cut is expected.

Pound hits 26-year US dollar high: The UK pound has hit its highest level against the US dollar in 26 years. The pound has gained on the perception that US interest rates will be cut this week and UK interest rates will be left unchanged next week.

Home prices falling at record pace in August: The 13-month-long decline in home prices in 20 major U.S. cities accelerated in August, with prices dropping a record 0.7% in the month, according to the Case-Shiller price index released Tuesday by Standard & Poor's Corp.

U.S. Tosses Lifeline to Lenders Using Home Loan Banks: Countrywide Financial Corp., Washington Mutual Inc., Hudson City Bancorp Inc. and hundreds of other lenders borrowed a record $163 billion from the 12 Federal Home Loan Banks in August and September as interest rates on asset-backed commercial paper rose as high as 5.6 percent.

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