Forex News and Rumors for September 11th, 2008 – Afternoon Update

Potential Buyers Review Lehman’s Books

Lehman Brothers shares fell dramatically today after Moody’s Investors Services stated that unless the beleaguered investment firm finds a “stronger financial partner” the company risked a ratings downgrade.

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Loonie Falls on News of Narrowing Trade Surplus

Falling oil prices caused Canada’s trade surplus to contract for the month of July. This pulled the loonie down to its lowest level against the U.S. dollar in over a year.

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U.S. Companies Expect More Layoffs in Year Ahead

In what could be a difficult year ahead for U.S. workers, a poll of major corporations suggests that nearly one third expect staff layoffs will be necessary to control costs in the face of declining revenues.

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Fresh oil find shows up to 4 billion barrels in Brazil

After Saudi Arabia vowed to keep productions levels intact, the Brazilian company Petrobras has announced that the recent find in the Santos Basin contains up to 4 billion barrels.

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