Read the latest forex analysis:

Global Stocks plunge on U.S. recession fears.

"The Sterling (GBP) fell by 0.4% during the overnight session forex trading below its Ten month low of 1.9470. Coupled with spiraling stock prices, UK housing market figures revealed plunging mortgage lending in December and falling house prices in January."


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The fed surprised the market today by slashing the rate by 75bp to take it down to 3.5 percent. With another 50bp expected to be taken off next week when the Fed meeting is scheduled.

This points to a weak US dollar heading into the meeting next week.

Who out there saw the emergency meeting cut coming? Shows just had bad the situation is in the US. Bush is trying to head of a recession through a huge stimulus package.

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