Forex News and Rumors for October 17th, 2008 – Afternoon Update

Loonie Continues its Free Fall

As fears of a recession in the U.S. continue to dominate the news, investors shy away from the loonie on worries that demand for oil and other commodities exported by Canada will decline even further.

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U.S. Consumer Confidence Falls to All-Time Low

The U.S. Consumer Confidence fell to an all-time low last month with little in the way of good news on the horizon.

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Oil Jumps $4 a Barrel on OPEC Cut Rumor

Speculation that OPEC will cut production after next week’s meeting pushed crude prices up by $4 a barrel in trading on Friday.

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