The pound today hit its highest level against the euro this year, riding a spate of optimism on the UK economy.
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Runaway inflation in a sluggish economy has shrunk the Kenyan consumer's spending on luxury products by a quarter, shaving off retail sales of such goods by nearly the same margins.
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Gold touched a two-week high and marked its first weekly gain since May last week as the dollar weakened and a benchmark lending rate touched a record low in London, increasing the metal's appeal as an alternative investment.
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Nobel prize-winning economist Paul Krugman has today rode to the defence of Gordon Brown by suggesting that the UK economy is the best placed for recovery in Europe. Krugman believes that the various economic policies introduced by Gordon Brown over the last few months have been both intelligent and "pretty good" with a distinct possibility of a strong recovery in the UK economy in due course.
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The economy isn't exactly blooming, but if you look closely enough, you might see a couple of green shoots:
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It again looms over the United States and China as mirrored in surging commodity prices. The price of crude oil to be delivered in July has soared to $70 a barrel, even though real economic recovery is not yet in sight.
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Earlier this week, leaders from Brazil, Russia, India and China gathered quietly in Yekaterinburg Russia to discuss the future of the American dollar. At about the same time, the price of gasoline in Toronto went back up to more than $1 per litre.
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A negative oil shock, together with rising government-bond yields, could clip the recovery's wings, says Nouriel Roubini.
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My last post mentioned that an examination of history supports an expectation of inflation due to the fact that it appears that the US government is going to be unable to borrow at levels that will support the spending being proposed. There are some who are trying to argue that this will not occur, or that the inflation will occur simply due to the budget levels, rather than the printing of unsupported money.
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On February 17, 2000, then Federal Reserve Board Chairman, Alan Greenspan, was answering a question from Congressman Ron Paul during a House of Representatives Committee on Financial Services hearing, when the following exchange took place.
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The American economy shed 345,000 jobs in May, and the unemployment rate spiked to 9.4 percent, but the losses were far smaller than anticipated, amplifying hopes of recovery.
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It is also thanks to the dedication to shopping shown by women and Generation Y - according to at least one influential retail boss.
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The UK economy is the first in Europe to record a return to growth, according to closely-watched surveys of purchasing managers.
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A euro rally against the dollar has forced foreign exchange strategists to ditch their forecasts made only last month for the common currency to hold around $1.30, and some now think it could crack $1.50, a Reuters poll showed.
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Gold investors know all too well the psychological importance of $1,000 gold. The yellow metal's been hovering frustratingly near that level for weeks after briefly surpassing it in February.
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Commodities are on the run. Gold is forming an amazing reverse head & shoulders pattern and is about to test resistance. Silver is shining bright as it continues to surge higher out of a solid bull flag pattern. And crude oil continues to make new multi month highs after breaking out of its cup & handle pattern.
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While central banks are increasing money supply and printing money, the growth in output of goods and services has remained very low and in many countries has contracted.
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