Forex News and Rumors for October 22nd, 2008

Pound Drops to Five-Year Low

The pound lost almost 3 percent to the dollar yesterday falling as low as $1.620 before rebounding slightly to $1.639.

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Expected Cuts to Interest Rates Pull Down the Euro

The euro fell to $1.28 on speculation that the European Central Bank will cut interest rates to help the struggling eurozone economy.

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Asian Currencies Fall on Recession Fears

Asian currencies continue to suffer on fears that a global recession will further reduce demand for goods produced in the region and exported to Europe and North America.

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Corporate Earnings Set to Disappoint

Early morning trading in Europe and Asia took a downturn over growing pessimism going into the next round of corporate earnings reports. The glum mood is expected to spread to Wall Street as North American exchanges prepare to open for a new trading session.

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