Market dips on US bad news: Economy roundup
Friday, 22 February 2008
Mike Preston, economics editor
Australian markets are down this morning thanks to more bad news from the US, with the S&P/ASX200 down 60.6 points to 5522.8 at 12.55pm.
Along with poorer than expected manufacturing data, the US Federal Reserve released minutes from its most recent meeting in late January that painting a grim picture of the US economy.
The minutes also suggest it is quite likely the US Fed will cut interest rates again in the near future, something that is likely to see the Australian dollar lift even further.
At 1.25pm the Australian dollar is worth US91.83c, just down on yesterday’s US91.91c close.