Forex News and Rumors for October 3rd, 2008 – Afternoon Update

Congress Passes $700 Billion Financial Rescue

Congress votes to accept the controversial $700 billion rescue plan by a vote of 263-171.

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Dollar Strengthens as Demand for U.S. Currency Increases

Demand for U.S. currency is increasing on speculation that Paulson’s rescue plan will be passed today paving the way for easier access to short-term credit.

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Ireland Will Destroy the Euro

By guaranteeing the full value of individual bank deposits, Ireland threatens the viability of the euro so says senior analyst.

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Wells Fargo to Buy Wachovia

Despite protestations from Citigroup, Wells Fargo announced that it intends to buy Wells Fargo for $15.1 billion.

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