Forex News and Rumors for September 29th, 2008 – Afternoon Update

Bad Day for the Euro

As banking woes including today’s rescue of Dexia SA continue to deepen, the Euro posted its largest single-day loss against the buck since the euro’s introduction in 1999.

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U.S. Home Prices Fall 16%

Home prices for the month of July show an overall 16.4% decline in property values. This represents the fastest price decline since the U.S. began tracking property values.

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Race is on to Revise Rescue Plan

Congressional leaders feverishly worked the phones Tuesday to shore up support for a vote on a revised rescue bill for a vote later this week.

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Brown Seeks to Calm Nerves of Investors

Promising to do “whatever it takes” to protect funds held in the country’s banks, British Prime Minister Gordon Brown will soon raise bank deposit guarantee limits to £50,000 from the current £35,000.

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