Wednesday, November 10, 2004

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.


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