One more comment on today's trade figures. As many in the press have noted, the biggest component of the "improvement" in the US trade deficit for September was the dramatic $2.3bn turnaround in trade with the eurozone (+$756m in exports, -$1.5bn in imports). Who got hit the hardest?
US goods imports from Germany changed -$544m (down two consecutive months); Italy, -$296m (down three consecutive months); Spain, -$108m . . . and how about poor little Ireland, -$814m!
In Berlin, Rome, Madrid and Dublin, $1.30 per �1 has to be sounding downright ugly.
Oh, and Pope Alan and his College of Cardinals raised interest rates today.