Forex News and Rumors – Afternoon Update

Euro Breaks Through $1.42

The euro broke through the 1.42 level on Monday as investors hold their breath for Federal Reserve Chairman Ben Bernanke’s address to Congress scheduled to get underway tomorrow. The semi-annual report to Congress will layout the Fed’s plans for the next six months and is expected to suggest that the economy is moving into positive territory, but there are still hurdles left to overcome. More

UK Economy Could Shrink By 4.5%

According to Ernst and Young’s Item Club – an economic forecasting group specializing in the use of economic models to predict future conditions – the UK economy will shrink 4.5 percent by year’s end. Should this prediction prove accurate, 2009 would see the greatest decline since 1945. More

US Leading Index Points to Muted Recovery

The Conference Board said today that its index of leading indicators jumped 0.7 percent in June after increases of 1.3 percent in May and 1.0 percent in June.

“The recession has been losing steam since the spring, although very large job losses continue,” said Conference Board economist Ken Goldstein. More

Wholesale Prices in Germany Plunge 4.6%

Germany’s wholesale prices have fallen 4.6 percent in the first half of 2009 according to government statistics released Monday. This is the largest year-on-year drop in more than forty years with declining energy prices largely responsible for the decrease. More

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