UK housing slowdown is a clear signal of bottom of US Dollar and start of global recession
Karen Zuba
Dec. 5, 2007

Europe and US are leading the global recession. The UK hosing data confirms that. U.K. house prices fell for a third month in November, the worst performance in more than a decade, and services growth slowed, increasing speculation the Bank of England will cut interest rates tomorrow.

It also signals a major bottom for US Dollar and top in the European currencies. Uncertainty about the effects of the credit crunch, together with rising oil and food prices, seem to be affecting feelings about jobs and the future economic situation. Consumers are tightening their belts.

Credit costs have risen after losses from the collapse of the U.S. subprime mortgage market caused lending between banks to seize up. The three-month Libor rate, a measure of the cost of borrowing for banks, climbed to 6.65 percent yesterday, the most since September 18.

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Europe and US are leading the global recession. The UK hosing data confirms that. U.K. house prices fell for a third month in November, the worst performance in more than a decade....
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