Forex News and Rumors – Afternoon Update

Crude Oil Falls to Lowest Level in Nearly Two Years

Crude oil for delivery in December fell back $3.09 – or just over 5 percent – to $56.24 a barrel at today’s close. The price reduction comes one day ahead of a report by the International Energy Agency (IAE) suggesting that the growth in global demand will be much less than previously thought – an additional 300,000 barrels a day rather than the 700,000 originally predicted. More

Aussie and New Zealand Dollars Continue to Rack Up Losses

The Australian and New Zealand dollars were pushed downwards today as commodities – which account for half of exports – and stock markets continued to shed value. More

Bank of England Says Inflation Under 2 Percent

The Bank of England says that inflation will come under the government’s target of two percent next year and could continue to fall as the economy appears likely to fall unto a recession in 2009. More

The Loonie Follows Oil Downwards

The Canadian dollar – known as “the loonie” – marked another day of losses against the US dollar due largely to the drop in crude prices as oil makes up nearly one tenth of Canada’s exports. More

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.