Forex News and Rumors for August 28th, 2008

Oil Prices Fall as Storm Heads Toward Gulf

Oil Companies have begun the evacuation of oil platforms in the Gulf Mexico as Gustav is expected to hit the area. There are various forecasts with different scenarios being speculated. The IAE has calmed investors by announcing that they would release oil stocks to compensate for the losses in the area’s production.

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Tropical Storm Gustav regains strength

Gustav has gone from a wind strength of 40 miles per hour to 75 and meteorologists expect it to be upgraded to Hurricane status today. Louisiana has already declared state of emergency.

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Despite losing AAA Rating, MBIA Insures $180B Municipal Debt Issue

MBIA Inc. – one of the largest monoline bond insurers – made some positive this morning with confirmation of a deal to insure $180 billion in bonds for Financial Guaranty Insurance Co. After losing its coveted AAA rating, company Stock lost nearly 80% of its value after being caught up in the sub-prime fallout.

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Senior Management Shakeup at Fannie Mae

In a bid to bolster confidence in the struggling mortgage-specialist bank, Fannie Mae CEO Daniel Mudd has replaced three of the bank’s senior officers.

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Aussie Dollar Climbs on Business Spending Report

The Aussie dollar strengthened news that the Business Spending report nearly tripled estimates.

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