October 14, 2009
The AP reports, "The dollar fell to an annual low against the euro Tuesday after a dip in German investor confidence and disappointing earnings results failed to undermine expectations of economic recovery." Global investors are "examining companies' third-quarter earnings announcements and forecasts for the months ahead for signs that the economy is on a sounder footing." After US aluminum maker Alcoa Inc. "kicked earnings season off last week with results that topped expectations, major banks such as JPMorgan Chase & Co. and Citigroup Inc. will be releasing their reports this week, as will Google Inc. and General Electric Co." The 16-nation euro "rose sharply to a daily high of $1.4876, its highest level since August 2008. In late New York trading, it bought $1.4829, up from $1.4776 late Monday." Meanwhile, the British pound "jumped to $1.5901 from $1.5786 as improvements in British retail sales and house prices were overshadowed by warnings that business confidence remains frail and inflation dropped to a five-year low."
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