Forex News and Rumors for October 21st, 2008

Bank of Canada Cuts Interest Rate by Quarter Point

Governor Mark Carney of the Bank of Canada announced a quarter point cut to the Bank of Canada’s operating band which serves as the country’s interest rate benchmark. The rate was cut from 2.5 percent to 2.25 percent.

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Bernanke Argues for Further Economic Relief Plans

After comments by Federal Reserve Chair Ben Bernanke yesterday, President Bush seems ready to discuss a second bill containing tax relief or other measures designed to stimulate spending in the ailing U.S. economy.

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U.S. Production Falls Nearly Three Percent

Industrial production for the month of September fell by 2.8 percent after falling one percent in August. The September results equal the worse industrial production numbers since 1974.

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UK House Sales Fall to Three-Year Low

UK house sales fell by 53 percent for the month of September providing further evidence of a crisis in Britain’s housing market.

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