Harvey helps sweep greenback to 16-month lows
London
AN already weak US dollar dropped to 16-month lows against a basket of major currencies on Monday, as flooding caused by Hurricane Harvey paralysed the United States' fourth-biggest city of Houston, Texas, and drove worries about a hit to the economy.
The greenback had already fallen sharply on Friday, after US Federal Reserve Janet Yellen failed to mention monetary policy at the closely watched Jackson Hole meeting in Wyoming. Investors saw this as evidence that Ms Yellen was comfortable with their rate hike expectations - currently onl…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Microsoft-OpenAI deal set to dodge formal EU merger probe: sources
China slams US move to investigate its shipbuilding industry
TikTok divest-or-ban bill heads to fast track in US congress
Google lays off employees, shifts some roles abroad amid cost cuts
Cordlife files police report against former employees for ‘potential wrongdoings’
Michelin challenges EU’s hunt for evidence of tyre cartel