Forex News and Rumors – Afternoon Update

Yen Losses May Prompt Rate Cut

As stocks rebounded somewhat on Tuesday, the Yen dropped by more than 5 percent against the euro prompting the Bank of Japan to say it was “leaning toward” a .25 percent rate cut.

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Whitehouse Urges Banks to Increase Lending

Comments from Whitehouse officials earlier today contained a clear message to the institutions receiving money as part of the $700 billion rescue plan – stop hoarding and start lending.

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Consumer Confidence Falls to Record Low

Weeks of pessimistic news and high-profile corporate failures have struck a nerve with American consumers as evidenced by today’s Consumer Confidence report. The Consumer Confidence Index – first released in 1967 – fell to 38, its lowest rating ever and down significantly from September’s 61.4 rating.

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