Forex News and Rumors – Afternoon Update

Obama Expects More U.S. Banks to Fail

Suggesting that banks have not yet fully released the extend of their losses, President Obama said in an interview today that “some banks won’t make it” but stressed that individual bank deposits would be safe. More

France Announces Economic Stimulus Plan

France’s Prime Minister Francois Fillon earlier today announced a plan to “revitalize” the French economy. Valued at €26 billion ($33.2 billion USD), the plan includes money earmarked for improvements to infrastructure and public services as well as direct aid to struggling businesses.

Oil Falls on Weak Demand

Oil for March delivery fell 4.4 percent in New York today to $40.05 a barrel. Futures are even lower at $39.83 indicating that investors expect oil to continue its decline. More

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