Forex News and Rumors – Afternoon Update

German Factory Output Rises 3.7%

Industrial output in Germany rose by 3.7 percent in May compared to April, taking analysts by surprise as they had predicted a much more modest increase of just 0.5 percent. More

Oil Sheds 3% on Growing Economic Fears

Oil dropped to under $61 by 2:00 PM in New York today, falling to $60.87 a barrel after US stocks in gasoline and diesel continue to rise on weaker demand. More

Yen Gains on US Dollar

The yen climbed to its strongest position against the dollar since mid-February today, trading at 92.61 at 1:21 p.m. in New York, compared with 94.89 yesterday. More

US Stocks Fall to 3-Month Low

The S&P 500 index fell to 875.73 at 1:45 in New York today – its lowest level since April and completing a “head-and-shoulders” chart pattern that suggests the market could continue to fall.

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