Forex News and Rumors for October 15th, 2008

Falling Crude Pulls Down the Loonie

As crude prices continue to fall – dropping below $75 a barrel on Wednesday – the Canadian dollar also lost ground to the greenback. Canada relies on commodities and oil in particular, for nearly half of its export value.

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Citigroup Analyst Predicts Euro to Continue Losses Against Yen

Citigroup Global Markets announced today that a protracted credit crunch will lead the euro to a 12 to 13% loss against the yen as investors opt for the greater safety offered by the yen.

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UK Inflation Tops 5%

September inflation results for the United Kingdom as measured by the Consumer Price Index, climbed to 5.2% up from 4.7% a month earlier. This far exceeds the 2% growth target established as part of the country’s monetary policy goals.

U.S. Retail Sales Drop by 1.2%

U.S. Retail Sales continued to slide in September in the face of growing consumer uncertainty and fears of a deepening recession.

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EU Ponders Higher Bank Guarantees

In a move to instill greater confidence in the Eurozone banking system, the European Commission has proposed boosting the minimum guarantee on bank deposits from the 50,000 euros to 100,000 euros.

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