Forex News and Rumors – Afternoon Update

US Dollar Seen as Safe Haven as Equities Continue to Lose

The US dollar completed its third straight week of gains against the euro as stocks around the world continued to lose value. More

Pound Gains on Interest Rate Cut Speculation

All but confirmed speculation that the Bank of England will lower interest rates for the second time in the past month helped the pound make modest gains against the dollar and the euro. More

Mexico’s Central Bank Buys Pesos to Stop Losses

The Central Bank of Mexico purchased $400 million USD worth of pesos today in response to continued devaluation of the peso – lower demand in the US for cars and other goods produced in Mexico is being blamed. More

Crude Gains 1.2 Percent

Production cuts introduced by OPEC in October stemmed the six-day long string of price cuts for oil as crude for December delivery rose $0.61 today to $50.03. More

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