Fears about $700bn financial rescue plan trigger biggest one-day percentage drop of Dollar against the Euro; Biggest one-day rise in oil price to $120 a barrel - intra-day 5 day rise at 44%
Sep 23rd, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Fears that the $700bn US government bailout plan for the financial sector and the related huge jump in public debt, will trigger inflation, on Monday resulted in the biggest single-day percentage drop of the dollar against the euro and on the New York Mercantile Exchange, on the day the October crude oil contract expired, the biggest one-day jump was recorded, partly resulting from a scramble by traders to meet supply commitments. The intra-day high on Monday was $130 a barrel on Monday compared with a low of $90.51 last Tuesday - a swing of 44%.