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 Forex - $700 bio revised rescue plan was accepted by US senate |
 Oct 2 2008, 1:00
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Senior Member  Group: Membre Posts: 209 Joined: 28-May 08 Member No.: 6,751 Broker: ACM Demo/Real: Demo Leverage: 1:1  |
The Dollar rose against Euro on Wednesday on the view the European Central Bank might have to cut interest rates and optimism that US lawmakers were about to approve the $700bio plan to stabilize the US financial system. This revised version allows the Treasury to buy bad loans from banks to encourage fresh lending and boost economic growth. The Dollar also got a boost from a report showing US private employers cut a surprisingly low 8k jobs in September, according to ADP Employer Services.
The ECB meets today to decide on interest rates and could still leave its benchmark rate steady at 4.25%. News that Britain's manufacturing sector shrank at a record pace in September pressured Sterling. The report raised the chances of a Bank of England rate cut next week. View the full article |
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