Forex News and Rumors for September 11th, 2008

Saudis Vow to Ignore OPEC Decision to Cut Production

Saudi officials assured world markets on Wednesday that they would pump as
much oil as needed and ignore the OPEC decision to cut production if
prices fall below $100.

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German institute echoes bleak EU forecast

Europe’s largest economy is set to contract by 0.1 percent in the current
third quarter, according to leading Berlin institute DIW. Meanwhile, the
head of Deutsche Bank sees the beginning of the end.

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Euro falls below $1.40 on recession fears

The euro fell below 1.40 dollars for the first time in almost a year
Wednesday evening as investors sought a safer haven from recession fears
in the eurozone.

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Indian Rupee falls against USD to lowest level in 22 months

Softening crude prices are pushing up the USD against many currencies, and
the INR is no exception. This article speculates that India’s Central Bank
may intervene to stop further slides.

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