Forex News and Rumors – Afternoon Update

US Dollar Falls to $1.40 Per Euro

The US dollar fell below $1.40 to the euro completing a week that saw the dollar lose 3.9 percent to the Euro Zone currency. More

Commodities Lift Canadian Dollar to 7-Month High

Investors embraced the Canadian dollar today as a surge in commodity prices helped the loonie reach a seven-month high against the American dollar. More

UK Household Spending Drops 1.2%

The Office of National Statistics reported today that output for the UK economy fell by 1.9 percent for the first quarter of 2009 while household spending fell 1.2 percent for the same time frame. This is the largest drop in spending since 1980. More

Bondholders Appear Set to Force GM Into Bankruptcy

A spokesperson for a group of GM bondholders said the bondholders will reject GM’s offer of a 10 percent equity stake in exchange for millions in outstanding debt in a move that will likely send GM into bankruptcy. More

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