Forex News and Rumors for September 29th, 2008

LIBOR Rate Continues to Climb

The cost of credit for those institutions fortunate enough to even find a lender willing to offer loans continues to climb as the London Inter-Bank Offered Rate (LIBOR) records its largest single-day increase.

Read the full article

British PM Meets with Bank of England Governor

Prime Minister Gordon Brown met with Bank of England Governor Mervyn King to discuss the economic crisis amid rumors that the Monetary Policy Committee is set to reduce U.K interest rates.

Read the full article

Stock Futures Move Upwards on Belief that Tara II Will Pass

Speculation that Congress will ultimately pass some form of the Troubled Asset Relief Act (TARA) pushes up stock futures signaling a rally after yesterday’s record-setting losses.

Read the full article

Dexia Bailout Pushes Down the Euro

Confidence sagged in the eurozone economy yesterday as news broke over a 6.4 billion EUR bailout to save Dexia SA – one of the largest banks in the eurozone. The bailout – engineered by France and Belgium – underscores the depth of the credit crisis as it spreads across the global markets.

Read the full article

Pressure Grows on the Fed to Act Now

With Congress set to reconvene on Thursday to discuss options for reviving the Treasury’s rescue plan, the Federal Reserve faces increasing pressure to implement immediate emergency actions.

Read the full article

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.