by Damian -
The Euro-area services and manufacturing grew less than initially estimated last month, leaving the economy facing near-stagnation as the European Central Bank considers its options on further stimulus. The reading is the lowest in 16 months and points to economic growth of just 0.1 percent this quarter! This today is putting increased pressure on the Euro Exchange Rate and the only way is down. The biggest problem with Europe is that economic ideas are flawed in reality and the Euro Zone is exactly that.
Australias dollar weakened against all but two of its 16 major peers today after the Bureau of Statistics said gross domestic product advanced 0.3 percent in the third quarter from the previous three months. The Aussie as it is kn0w is in for a rough road ahead as commodities prices fall and they become less of the lucky country and more of the the poor country. Things will be worse under a Labor government as that will increase the government debt considerable to win votes.