Forex News and Rumors for October 10th, 2008 – Afternoon Update

G7 pledges united crisis response but rifts emerge

The G7 are expected to issue a communique summing up their views sometime after 6 p.m., but heading into the afternoon meeting there was little consensus on what they might say

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G-7 Meets on Crisis as Italy Splits Over `Weak’ Draft

While Britain has pushed for a coordinated agreement to guarantee loans between banks, one official from a G-7 member said it was unlikely the G-7 would endorse their proposal. Two European officials said earlier that the group was considering saying that no systemically important bank would be allowed to fail, and laying out principles for all nations to follow.

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Stocks Lower After Day of Wild Swings

Between the start and the finish was a day in which the Dow Jones industrial average swung 1,000 points and a wild final hour in which the market moved from almost 400 points down to 300 points higher, only to close down 128 points or 1.4 percent.

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Fear grips global stock markets

Global stocks have fallen sharply on one of the worst days of trading in 30 years, despite continuing government efforts to tackle the crisis.

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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