US ($) Currency Thread 2

neilbond007

johnpaul74 wrote: »

I was reading earlier today that the US Govt are to announce a forecast of $1.4 Trillion in the red, $950 Bn worse than expected.

This should boost the sterling I would imagine.

Nice! I dare say that was the reason for the spurt...

although my presence on this thread should be enough to see if shooting skywards!

inspector_monkfish

23:43 07Oct09 Final estimate for US budget deficit:$1.4 trillion

WASHINGTON, Oct 7 - The U.S. government spent a record $1.4 trillion more than it collected in the fiscal year ended Sept. 30, congressional analysts said on Wednesday, in their final estimate before the official numbers are issued.

Bank bailouts, stimulus spending and declining tax revenues due to a deep recession led the government to post a deficit that amounts to 9.9 percent of the U.S. Gross Domestic Product for the 2009 fiscal year, the Congressional Budget Office said.

The Treasury Department will report the actual deficit later this month. The deficit for fiscal 2008 was $459 billion.

The $1.4 trillion estimate is less than the budget office's estimate of $1.58 trillion issued in August, but the discrepancy arises from differences in calculating the costs of bailing out mortgage giants Fannie Mae <FNM.N> and Freddie Mac, not any sudden change in economic conditions, CBO said.

The government took in $2.1 trillion in fiscal 2009, a 16.6 percent drop from the previous year as the recession led to sharp declines in individual and corporate income taxes, CBO said.

On the other half of the ledger, outlays increased 17.8 percent to $3.5 trillion, CBO said.

Among the most expensive items were $154 billion for bailouts under the Troubled Asset Relief Program, $91 billion for the Fannie and Freddie bailouts, and $100 billion under the massive stimulus package approved in February.

Excluding items in the stimulus package, spending for unemployment benefits more than doubled to $120 billion, CBO said.

One bright spot: the government's interest payments on its debt actually decreased 23 percent to $199 billion thanks to lower interest rates, CBO said.

neilbond007

inspector_monkfish wrote: »

23:43 07Oct09 Final estimate for US budget deficit:$1.4 trillion

WASHINGTON, Oct 7 - The U.S. government spent a record $1.4 trillion more than it collected in the fiscal year ended Sept. 30, congressional analysts said on Wednesday, in their final estimate before the official numbers are issued.

Bank bailouts, stimulus spending and declining tax revenues due to a deep recession led the government to post a deficit that amounts to 9.9 percent of the U.S. Gross Domestic Product for the 2009 fiscal year, the Congressional Budget Office said.

The Treasury Department will report the actual deficit later this month. The deficit for fiscal 2008 was $459 billion.

The $1.4 trillion estimate is less than the budget office's estimate of $1.58 trillion issued in August, but the discrepancy arises from differences in calculating the costs of bailing out mortgage giants Fannie Mae <FNM.N> and Freddie Mac, not any sudden change in economic conditions, CBO said.

The government took in $2.1 trillion in fiscal 2009, a 16.6 percent drop from the previous year as the recession led to sharp declines in individual and corporate income taxes, CBO said.

On the other half of the ledger, outlays increased 17.8 percent to $3.5 trillion, CBO said.

Among the most expensive items were $154 billion for bailouts under the Troubled Asset Relief Program, $91 billion for the Fannie and Freddie bailouts, and $100 billion under the massive stimulus package approved in February.

Excluding items in the stimulus package, spending for unemployment benefits more than doubled to $120 billion, CBO said.

One bright spot: the government's interest payments on its debt actually decreased 23 percent to $199 billion thanks to lower interest rates, CBO said.

Old news....

I'm off to bed. Catch you in the morning... when it's the 1.63's

inspector_monkfish

1.6075 trading

neilbond007

never quite got to 1.63 but we got in the 1.61's.

Nice looking article here -
http://www.dailyfx.com/story/topheadline/US_Dollar_Forecast_Bearish_on_1255010678714.html

inspector_monkfish

1.6010 trading early morning

inspector_monkfish

1.5925 trading

inspector_monkfish

4 month low - 1.5755 at mom

whatusername

Morning all, looks like UK the GBP is taking a pounding again (pardon the pun).

inspector_monkfish

back up to 1.5820 now