Corporate foreign exchange news

Published by Jamie JemmesonAlan Greenspan, former head of the Federal Reserve, has labelled the financial crisis "by far" the worst in history and warned of a shaky recovery.Speaking at the Credit Union National Association's Governmental Affairs Conference in Washington, the ex-policymaker said that while the overall impact on the economy has been more severe than was seen in the wake of the 1929 Wall Street crash, the dangers to economic stability in the current post-crisis environment have been greater.This is because during the Great Depression short-term credit had never been "literally withdrawn", he told his audience.Bloomberg reports that Mr Greenspan went on to warn of an extremely unbalanced recovery in the global economy, with some sectors such as housing and the auto industry expected to see further pain.In foreign exchange trading this morning (February 23rd), the dollar moved lower ahead of a congressional testimony due to be made later today by Mr Greenspan's successor Ben Bernanke.For more information on international payments, visit our Smart FX site