Daily News | Wells Fargo in hot water

Although this trading week has entered its last day, there is still a lot of interesting stuff to discuss. Global economy is not idle, quite the contrary, so join us, as we explore everything that today’s economic data brings to the table. This Friday, we start with the Japanese yen. From Wednesday to Thursday, this currency fell from $0.0099 to $0.0098. It seems that Japanese inflation is going backwards, despite the best efforts of the Bank of Japan, indicating the limits of stimulus in reviving world growth. The data is clearly flying in the face of all the plans the BoJ had for the economy, with household spending sinking by over 4.6%. We will continue to monitor this troubling event as it unfolds, but now, let us look at the US dollar. In the same period, the USD fell as well, from €0.8928 to €0.8892. This came about as lawmakers called for the resignation of Wells Fargo & Co head John Stumpf. The company opened checking, savings and credit card accounts without the knowledge of its customers for years and one US House member even faulted the bank for identity fraud and called for the company to be dismantled. Given that Wells Fargo is one of the biggest banks in the US, this will surely send further shockwaves throughout the US economy and we shall continue to follow this story.

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Author: Max Rothstein

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