OOD DAY FOR: A European vacation, after the British pound weakened to a five-year low against the U.S. dollar, trading at $1.64 to the pound Tuesday. The euro also fell to its lowest level since February 2007. The currency moves were driven by expectations that European central banks will cut interest rates. “The U.S. is regarded as being able to weather a recession much better than the euro zone,” said Commerzbank strategists. (MarketWatch)
BAD DAY FOR: Driving down Rodeo, as the heart of Beverly Hills’ luxury shopping district is holding up well, with wealthy locals and shop-happy foreign tourists spending like there’s no recession. Nationally, consumer purchases dropped 1.2 percent in September. “When you’re in Los Angeles, you come to Rodeo Drive as part of the whole Beverly Hills shopping experience,” said Australian tourist Jason Finlayson. (Bloomberg)
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