Forex News and Rumors – Afternoon Update

U.S. Stock Markets End Week on Low Note

Stocks on the New York Stock Exchange fell for the second straight day as investors continue to fret over the state of the economy. GDP results earlier in the day confirmed that the U.S. economy continues to shrink. More

Obama Taps Biden to Lead New Task Force to Help the Middle Class

Calling the current crisis a “continuing diaster” for families, President Obama named Vice-President Biden to head a task force to focus on finding solutions to help the middle class. More

British Pound About to “Turn the Corner” on Recent Weakness?

At least one analyst believes that sterling may be ready to regain some of its recent losses.

“The pound still has considerable work to do the shake off the bear trend,” Greg Gibbs of ABN Amro released in a client note yesterday. “However, it’s showing signs of turning the corner”. More

New Zealand Dollar Declines After Yesterday’s Rate Cut

New Zealand’s dollar fell to 50.79 cents to the U.S. dollar – a six-year low – after the Central Bank cut interest rates by half a percentage point yesterday. More

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