There was hope early last week that the Congressional Super Committee would come up with a solution to the $15 trillion debt problem. As the days passed it seemed that there would be no agreement. Over the weekend it became obvious that there would be no solution as the super committee seems unable to come up with an agreement on what to cut.
There also seems to be no solution to the European debt problems as the Moody's seems set to downgrade France's credit rating while the PIIGS (Portugal, Ireland, Italy, Greece and Spain) seem unable to come up with the right set of austerity measures and borrowing. This news led to a fall in equities and the dollar's rise with oil playing its traditional role of following stocks and going counter to the dollar.
Today, WTI-49¢, $96.92; Brent-68¢, $106.88; RBOB+1.06¢, $2.489; HO-3.0382, $2.9943.
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