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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Euro drop greets Monti's swearing in

Nov 16, 2011 01:37 PM

The shared currency of the European Union dropped to its lowest value since early October on Wednesday, the same day that a new prime minister was sworn into the debt-hobbled nation hosting the euro zone's third-largest economy, Reuters reports.

Former vice president of the European Central Bank and a European Commissioner, Mario Monti, 68, ascended to his political peak on Wednesday - but is unlikely to enjoy a very long honeymoon period. His cabinet is full of apolitical types, demonstrating how serious is the debt scourge situation in the nation whose economy trails only those of Germany and France in the euro zone.

Monti is equipped with "all the necessary qualities not to mention his credibility and reputation in Europe and the world, but it's not sufficient," political science researcher Phil Giurlando with Queen’s University in Ontario, Canada, told Bloomberg. "He will have to convince all these groups that are protecting their electoral fortunes that these sacrifices have to be made."

A banker will serve as the top official of Italy's development, infrastructure and transport ministry, the BBC reports.

Yields on Italian government bonds are dangerously near the same 7 percent level that spurred Ireland, Greece and Portugal to pursue bailouts, according to Bloomberg.

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