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The UK economy unexpectedly contracted in October as higher interest rates took its toll on activity, adding to expectations that the Bank of England is close to interest rate cuts. Gross domestic product shrank 0.3 percent in October, partially offsetting growth of 0.2 percent in September, the Office for National Statistics reported Wednesday. The fall was the first in three months and confounded expectations for flat growth.Data suggests that the economy may go nowhere again in the fourth quarter or perhaps is in the mildest of mild recessions, Capital Economics'...

A bank employee counts U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. REUTERS/Athit Perawongmetha Acquire Licensing RightsWASHINGTON, Dec 4 (Reuters) - The dollar ticked higher on Monday, regaining some ground after falling for three straight weeks on bets that the U.S. Federal Reserve will soon be cutting interest rates, while bitcoin breached $42,000 for the first time since early 2022.The dollar index, which tracks the currency against six major peers, rose by 0.54% to 103.67, while the euro was last down 0.49% to $1.0828"We're kind of...

U.S. Treasury Secretary Janet Yellen attends a press conference in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsBESSEMER CITY, North Carolina, Nov 30 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Thursday she believes the U.S. economy does not need further drastic monetary policy tightening to stamp out inflationary expectations and was on track to achieve a "soft landing" with strong employment.Yellen told reporters after a speech at a lithium processing plant in North Carolina that in the past, the Federal Reserve sometimes had...