Forex News and Rumors – Afternoon Update

Oil Gains on Auto Bailout News

The New York price for crude for January delivery rose $1.02 or 2.4 percent as investors look to Congress to approve a financial plan to protect American automakers from bankruptcy. More

UK Chancellor Concedes Recession is Likely

Appearing before a Commons committee earlier today, Chancellor of the Exchequer Alistair Darling described the current economic conditions in Britain as “difficult” and that it is likely that the British economy will enter into a recession that will last until the second half of next year. More

Recession in Japan Deeper Than Predicted

As Japanese factories close and more people face unemployment, the economy shrank by another 0.5 percent for the quarter ending in September. More

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