Forex News and Rumors for October 15th, 2008 – Afternoon Update

Dow Drops 500 Points Over Investor Indecision

Despite renewed optimism in the NYSE earlier this week, investors have once again turned their backs on equity stocks. Poor Retail Sales figures released earlier today and the recent Beige Book reinforced the sense of gloom on Wall Street as the Dow tumbled more than 500 points.

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Investors Turn Back to Gold as Safe Haven

After nearly a week of losses, gold regained its status as a safe haven as investors continue to question the effectiveness of U.S.-led financial rescue plans. By mid-day in New York, gold had climbed 1.2% to $849.60 an ounce.

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Peso Falls 3%

Despite the Central Bank of Mexico buying up $400 million USD worth of pesos in a bid to prop up the faltering currency, the peso still lost 3.1%, (12.7120 pesos per dollar) by noon in New York today.

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