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CURRENCY MARKETS

The US Federal Reserve Bank continued with its aggressive rate cutting this week, with a further 50 point cut at its regular meeting, to add to the 75 point cut made at an emergency meeting the previous week. Dollar base rates now stand at 3.0%

The advance estimate for US GDP growth in the final quarter of 2007 came in at 0.6% at an annualised rate. This puts full year real GDP growth for 2007 at 2.2% and nominal growth, the figure used by the DTC as a target for jewellery sales to grow by, at 4.9%.

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