Forex News and Rumors for October 22nd, 2008 – Afternoon Update

Government Report Shows Weakening Japanese Economy

The Japanese government’s October economic report indicates a serious decline in consumer spending and a decrease in exported goods to all world markets, and predicts further weakening of the Japanese economy as a direct impact of the U.S. financial crisis.

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Hungary Makes Surprise Rate Increase

Hungary’s central bank has raised interest rates by three percentage points to counter a sharp fall in the value of its currency, the forint. Analysts doubt the effects will last very long, given the worries over Hungary’s banking system.

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Crude Falls as U.S. Demand Declines

Crude oil futures for December fell by more than $5.00 to $66.90 a barrel in New York.

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