Forex News and Rumors – Afternoon Update

Pound Continues to Slide Against the Dollar

The pound dropped to $1.6195 today with some insiders predicting it could fall to $1.40 within six months after UK consumer confidence reached record lows in October.

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Ruble Troubles Deepen

As investors continue to abandon the Russian economy taking over $72 billion out of the country in October alone, the ruble fell to 27.0955 per U.S. dollar bringing the monthly loss to 5.6 percent.

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U.S. Jobless Claims Remain High

New unemployment claims remained unchanged last week at a seasonally-adjusted 479,000.

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Wall Street Ends Week on High Note

The Dow increased by nearly 200 points on Friday to cap a week of gains despite more evidence of a deepening economic downturn.

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