Forex News and Rumors for September 24th, 2008 – Afternoon Update

LIBOR Rates Boosted by 22 Basis Points

The one-month London Inter-Bank Offered Rate (LIBOR) jumped 22 basis points to 3.43% as banks grow increasingly reluctant to lend to other banks over fears of the quality of the offered collateral.

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Dollar Falls as Investors Fear Congress Will Delay Passing Rescue Bill

Partisan sniping aside, it appears increasingly more likely that Paulson has many more arms to twist before the rescue bill will pass Congressional voting. Indeed, some observers feel the bill requires considerable redrafting in order to make it palatable to U.S. lawmakers.

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FSA Warns Short-Sellers

The Financial Services Authority (FSA) threatens to fine short-sellers of firms shorting firms in the UK’s financial services after last week’s meltdown on Wall Street. Investors betting against these firms were partly-blamed for the collapse of several U.S. financial giants prior to regulators in England and the U.S. suspending short-selling.

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