Forex News and Rumors for October 8th, 2008 – Afternoon Update

Wall Street panic rolling over consumers worldwide

The worst financial crisis since the 1930s was stark reality for millions on Wednesday as retirement savings evaporated, jobs disappeared, stock market values slipped again and a dramatic cut in interest rates by central banks from Europe to Asia did little to stem three weeks of near panic.

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I.M.F. Calls for Aggressive Response to Crisis

If governments do not forge a coordinated response to the financial crisis, it could spill over to emerging markets, the International Monetary Fund said on Wednesday in warning that the world’s “mature” markets” face their biggest challenge since the Depression.

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Brazil, Mexico Pump Dollars Into Market to Stem Currency Routs

Brazil sold dollars for the first time in five years and Mexico offered $2.5 billion in a bid to shore up currencies that have been ravaged by the worst financial crisis since the Great Depression.

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Dollar Falls Versus Euro on Joint Rate Cuts by Central Banks

The dollar declined the most against the euro in more than two weeks as global central banks made coordinated reductions in borrowing costs, reducing demand for the U.S. currency as a haven from credit market turmoil.

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UK Banks face a regulatory revolution

Evolution rather than revolution is the way the British financial sector usually develops. But when revolution comes to the City, it often comes, oddly enough, from government.

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza