Forex News and Rumors for September 8th, 2008

Australian banks’ historic deal

Westpac Banking has offered 17.3 Billion AUD to takeover St. George. This will become the largest Australian Banking acquisition.

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Fannie, Freddie Takeover Spurs Drop in Yen

With yesterday’s announcement that the Bush government would take over troubled mortgage specialists Fannie Mae and Freddie Mac, investor’s continued to unwind yen-based carry trades in favor of higher-yielding U.S. securities.

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Lehman reshuffles top management

As more suitors show interest in a stake in Lehman, the US Investment bank has appointed new heads of its Fixed Income Division.

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Bank of New York Predicts a $1.70 Pound by End of the Year

The bank of New York revised its outlook for the pound in light of continued economic turmoil in Great Britain and a greater expectation of an interest rate cut.

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More Predictions of Continuing Problems for the Pound

Chancellor of the Exchequer Alistair Darling was quoted this morning as saying that England is in the midst of the “biggest slowdown since World War II”, leading some analysts to describe the pound as being “massively overvalued against the dollar’.

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