Forex News and Rumors for September 4th, 2008

Euro Falls After Comments by Trichet

European Central Bank President Jean-Claude Trichet earlier today described the euro zone economy as being “in an episode of weak economic activity”.

Canadian Dollar Rises with Oil Price

The loonie rode early morning advances on the price of oil today to gain nearly a quarter of a cent on the U.S. dollar. Market watchers are also looking ahead to Canadian unemployment figures to be released tomorrow.

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ECB Holds the Line on Interest Rates

The euro lost ground to the dollar despite news that the European Central Bank will leave the Main Refinancing Operations rate – the Eurozone’s key interest rate benchmark – at 4.25 percent.

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GBP Reverses a Week of Losses

The Bank of England announced this morning that it would leave the overnight lending rate at 5% providing a much-needed boost to the pound. Britain’s currency has been battered for seven straight days in the wake of poor economic reports suggesting that Britain is on the verge of a recession.

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