Forex News and Rumors

Paulson Changes Bailout Plan’s Approach

US Treasury Secretary Henry Paulson announced profound changes to how the $700 billion rescue plan will be implemented after essentially admitting that financial institutions are holding on to the cash supplied by the Fed rather than feeding it into the system as intended. More

Click here for a summary of the proposed changes.

Pound Hits Six-Year Low Against the Dollar

The pound fell to $1.4807 – it’s lowest rate since 2002 – as fears of a deep recession in the UK grew in the wake of recent a Bank of England forecast. More

US Jobless Claims Reach Seven-Year High

The number of people seeking new unemployment benefits increased by 32,000 and is now pegged at 516,000 after being seasonally-adjusted. This is the highest level since immediately after the September 11th terrorist attacks in 2001 and were much higher than predicted. More

Germany’s Economy Officially in a Recession

Government figures released today indicate that Germany’s economy shrunk by 0.5 percent for the most recent quarter – this follows a 0.4 percent contraction for the previous quarter tipping Europe’s largest economy into the textbook definition of a recession. More

US Trade Imbalance Declines 4.4 Percent

The US trade imbalance fell by 4.4 percent to $56.5 billion. The unprecedented fall in the price of crude oil was largely responsible for the reduction which led to fewer imports. More

Japan Pledges $100 Billion to the IMF

Japan has pledged $100 billion to the International Monetary Fund (IMF) to ensure that the IMF has the funds necessary to provide capital to emerging economies suffering in the face of the global financial crisis. More

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