Forex News and Rumors for October 21st, 2008 – Afternoon Update

Yen Reaches 3-Year High Against Euro

Speculation that the European Central Bank will lower interest rates gave legs to the yen today as it rose to 131.89 per euro by mid-day trading in New York. Meanwhile, the loonie fell against the U.S. dollar after this morning quarter-point rate cut by the Bank of Canada.

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Pound Falls on Weak Manufacturing Data

The pound fell to $1.70 USD on news of manufacturing confidence dipping to its lowest level in twenty-seven years signaling tough times ahead for British manufactures and the economy in general.

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Devaluation Worries Hurt Ruble

Concerns that major Russian banks and large companies are converting rubles obtained from the government into foreign funds to avoid further devaluation led to more losses today for the beleaguered currency.

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Oil Falls Nearly $3 as Dollar Rallies

Crude oil shed $2.97 in mid-day trading as the U.S. dollar continued its assault on the euro despite fears of OPEC cutting back on production.

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