Forex News and Rumors – Afternoon Update

US Existing Home Sales Surge in July

The National Association of Realtors said today that sales of exiting homes in the US jumped 7.2 percent notching the greatest single-month increase since 1999. More

Bernanke: Prospects “Good” for Return to Growth

US Federal Reserve Chairman described as “good” the possibility that growth will return to the global economy while addressing members of Federal Reserve conference in Wyoming today.

“After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return to growth in the near term appear good,” Bernanke told conference attendees earlier today. More

Oil Reaches Highest Price in 2009

Oil prices began rising this morning on the heels of a strong Purchasing Manager’s Index and continued to climb as Federal Reserve Chairman Ben Bernanke stated that the US was on the brink of recovery. By mid-day, oil was trading at $73.91, topping the previous annual high of $73.23 set on June 11. More

US Unemployment Rates Continue to Rise

Unemployment rates rose in 26 U.S. states in July, a sign the labor market will take time to improve and budget crises in capitals across the nation may deepen.

California, Nevada, Rhode Island and Georgia all reached their highest level of joblessness since records began in 1976, with California’s rising to 11.9 percent from 11.6 percent the previous month, the Labor Department reported today in Washington. The number of states with at least 10 percent unemployment held at 16. More

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