Forex News and Rumors – Afternoon Update

U.S. Federal Reserve Announces Fifty Basis Point Cut

The U.S. Federal Reserve announced a half a percentage point cut in the federal funds rate bringing the benchmark lending rate to 1 percent.

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Dollar Drops on Rate Cut Speculation

The U.S. dollar fell against all the major currencies in the run-up to an expected rate cut scheduled for 2:15 EST.

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The Loonie’s Wild Ride Continues

It seems the Canadian dollar has been setting records for biggest single-day losses almost every day for the past two weeks but today, the loonie recorded its greatest single-day gain since 1971.

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