Tuesday, July 24, 2007

Buddy CanYou Spare A Buck Fifty

THE US dollar touched a new record low against the euro in Asian trade today, hit by jitters about the US housing market troubles and recent falls in global share prices, dealers said.

Disappointment over company results and worries about problems in the US sub-prime mortgage sector – loans to homeowners with patchy credit histories – caused sharp falls on global equity markets on Friday. Analysis

I was aware of the problem but never realised it was on such a scale that it would have such an adverse effect on the money market.

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