Tuesday, February 17, 2009

Moody’s is gearing up to downgrade banks

Foreign Exchange - Currency Outlook

The euro exchange rate and Japanese yen each fell on news related to their economic performance and financial sector outlook. In Japan, GDP contracted 12.7%, the most since 1974, and in Europe, Moody’s is gearing up to downgrade banks because of their unsustainable exposure to faltering Eastern European economies. In sum, the us dollar exchange rate is rising across the board on perception that "it’s worse elsewhere" than the US, which is taking aggressive measures against the global economic downturn. The US stimulus package was signed yesterday and the Obama administration will propose a mortgage bailout plan tomorrow.

bye for now

Barbara Rockefeller
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