Forex News and Rumors – Afternoon Update

OPEC Cuts Fail to Support Oil Prices

Despite recent threats of production cuts, world oil prices continued to slump today with trading on the New York Mercantile Exchange seeing a $2.44 (5.8 percent) drop to $39.92 a barrel. More

China Cuts Interest Rates

For the fifth time in just three months, the People’s Bank of China cut its benchmark one-year lending rate to 5.31 percent. More

Canadian Loonie Falls for Third Straight Day

Falling oil prices continued to force down Canada’s dollar – known as the loonie – to 1.2271 per US dollar.

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