Forex News and Rumors for October 17th, 2008

Weak Housing Numbers in U.S. Likely to Dampen Yesterday’s Rally

With new housing starts falling to their lowest rate since 1991, pundits expect yesterday’s rally on Wall Street to be short-lived. An updated Consumer Confidence report is also due later this morning in at 9:55 EST and most observers expect it to show consumer confidence continues to deteriorate.

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RBC Capital Recommends Buying Pound Over Euro

Citing the belief that the Bank of England will cut interest rates more deeply than the European Central Bank in order to stimulate the economy, RBC Capital Markets recommends buying the pound over the euro.

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OPEC Expected to Cut Production

Crude oil futures received a lift today as the Organization of the Petroleum Exporting Countries (OPEC) announced it has rescheduled its November meeting to next week further ramping up speculation that it intends to announce production cuts in response to recent price losses.

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With the increase in crude prices, demand for gold as a safe haven for cash is expected to fall:

See also

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