Forex News and Rumors for October 24th, 2008

Pound Continues its Plunge South

Gross Domestic Product results for the three months ending September show that Britain’s economy contracted by 0.5 percent; much more than the projected 0.2 percent. The news triggered another sell-off in the pound forcing it below $1.53.

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Asian Currencies Close a Losing Week

Recession worries continued to drag Asian currencies with South Korea’s won and Indonesia’s rupiah showing the greatest losses.

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Oil Futures Fall Despite OPEC Cutting 1.5 Billion Barrels

The Organization of the Petroleum Exporting Countries (OPEC) as expected, cut daily production of crude oil by 1.5 billion barrels a day at a meeting held at OPEC’s headquarters in Vienna earlier today. Despite the cut, oil futures fell to over 7 percent to $63.05 a barrel.

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Gold Continues to Falter

It was also a bad week for gold as prices fell more than 13 percent for the week, a loss unequaled since March of 1980.

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