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FX Update

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The successful passage of the US government's bank bailout legislation through Congress on Friday 3rd October was by no means the end of the trials and tribulations facing the US economy. However, just as China's premier Wen Jiabao was offering implicit assurances about debt-absorption, several major European financial institutions nearly met their demise. Accordingly, the US and the USD revealed themselves to be a better devil to know. US recession looms, certainly, and whether the Treasury's actions will ultimately be fruitful is open to debate. However, despite the tortuous birth of these emergency measures, there is still a sense of pro-activity and forward progress that appears lacking, collectively, in the Euro-zone. The latter's problems are two-fold: bureaucracy and economy.

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