TRADE, EXCHANGE RATES AND BUDGETS

Despite central bank intervention on September 14th, the euro continued its slide; it plumbed record depths of less than 85 cents to the dollar and also hit new lows against the yen and Swiss franc. In July, the American visible-trade deficit widened again to $38.7 billion; the 12-month total rose to just over $412 billion. France recorded its first monthly trade deficit since January 1994.