Forex News and Rumors – Afternoon Update

Oil Falls to Under $40 in New York

With today’s confirmation that the U.S. economy is still shedding jobs, oil fell below $40 for the first time in 2009. While oil rebounded somewhat since the low of $32.40 last month, analysts predict that oil prices will continue to retreat. More

Cable Closes the Week on a High Note

The British pound completed its best week ever against the euro, gaining over 8 percent for the week. More

Fed Loan Programs “Fraught With Risks”: Lacker

Richmond Federal Reserve Bank President Jeffrey Lacker warned that the central bank should avoid using its balance sheet to finance a fiscal stimulus plan, saying such a strategy is “fraught with risks.”

“Many historical instances of monetary instability have been the result of central banks being prevailed upon to use their balance sheets for fiscal ends,” Lacker said in a speech to the Maryland Bankers Association in Baltimore. “Mixing monetary and fiscal policy is fraught with risks.” More

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