Forex News and Rumors – Afternoon Update

US Retail Sales Fall 2.8%

US Retail Sales fell by a record 2.8 percent for the month of October beating the previous record of 2.65 percent set in November, 2001. More

US Treasury to Invest in 20 More Banks

The US Treasury announced it will invest in twenty more banks as part of its $700 billion rescue plan. More

Pound Records Record Weekly Loss Against Euro

The pound ended a miserable week which saw British cable losing 5.3 percent against the euro. More

Crude Falls $1 on Waning Demand

Crude fell $1.10 to $57.14 as investors worry that global demand will continue to weaken. More

In response, the Organization of Petroleum Exporting Countries is expected to make further production cuts.

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