Forex News and Rumors for October 27th, 2008 – Afternoon Update

Crude Prices Continue to Fall

Despite last Friday’s decision by the Organization of Oil Producing Countries (OPEC) to cut production in a bit to stem falling prices, crude continued to decline today.

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Pound Struggles Against Dollar and Euro

The pound fell to $1.5620 today while closing at an all-time low against the euro.

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IMF to Provide Assistance to Ukraine and Hungary

The IMF has agreed to provide $16.5 billion to the Ukraine and is expected to announce a similar package for Hungary.

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G7 Preparing to Drive Down the Yen

Members of the Group of Seven (G7) nations may be considering a joint market intervention to prevent a further surge in the yen as the Japanese currency’s sharp rise threatens the world’s second biggest economy and other Asian economies.

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