Forex News and Rumors for October 23rd, 2008

Barclays Predicts Dollar to Fall 8% Against Yen by March ’09

Barclays Capital issued a statement today suggesting that the yen may gain 8% or more over the buck as investors unwind carry trades over the next four to six months.

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Weak Retail Sales Pulls Down the Pound

Retail sales in Britain fell 0.4% in the month of September forcing the pound down to $1.6227 – its lowest level in five years.

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Speculation Builds that U.S. Government Will Aid Homeowners

In an article published today, the Wall Street Journal reported that the U.S. government may provide up to $40 billion to tackle the problem of home foreclosures, which increased an astounding 71% during the third quarter.

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Foreclosures in U.S. Increase 71 Percent

The number of personal home foreclosures in the U.S. increased 71 percent in the third quarter, as more than 766,000 homes received foreclosure notices.

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