Forex News and Rumors for September 2nd, 2008

Resignation of Japan’s Prime Minister Not Likely to Affect Economy

Economists don’t expect Japan’s Prime Minister Yasuo Fukuda’s abrupt resignation to have any effect on Japan’s economy, currently heading into a recession caused by higher commodity prices and a slowdown in exports.

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U.S. Republicans Resume Convention

As Hurricane Gustav recedes, Republicans turn their attention back to the party’s convention in St. Paul, Minnesota.

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Spreads on Credit Card Bonds Widen

As growing unemployment cuts into overall household income in the U.S., investors continue to abandon securities backed by credit card loans over fears of deeper reductions in consumer spending.

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OECD Forecasts Slow Economic Growth for G7 Countries

The Organization for Economic Co-Operation and Development sees little growth for Eurozone countries.

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Hanna May Re-Gain Hurricane Strength, Aim at U.S. East Coast

Will new Hurricanes appearing on the radar provide a temporary base for plummeting oil prices?

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Oil Drops as Gustav Weakens

Oil shed nearly $10 a barrel as Gustav hit the Gulf Coast with much less intensity than feared originally.

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Aussie Dollar Falls After Rate Cut

The Reserve bank of Australia dropped the benchmark Cash Rate to 7%. This quarter point drop represents the first interest rate cut since 2001.

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