Forex News and Rumors – Afternoon Update

Crude Falls as OPEC Delays Production Decision

Crude oil futures fell below $50 a barrel as investors take a wait-and-see approach after the Organization of Petroleum Exporting Countries (OPEC) decided to defer until its next meeting – scheduled for December 17th – to set new production levels to attempt to limit supplies and turn around faltering prices. More

Gold Falls 5.2%

Gold futures for February delivery fell $42.20 or 5.2 percent to $776.80 as demand for commodities continued to decline. More

Bernanke Describes Further Interest Rate Cuts as “Feasible”

Despite issuing a caution that the effectiveness of interest rate cuts could be limited given the current state of the economy, Federal Reserve Chairman Ben Bernanke still described the possibility of further cuts as “feasible”. More

US Has Been in Recession Since December 2007

The National Bureau of Economic Research today announced that the US economy has been in a recession since December of 2007. More

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