Forex News and Rumors – Afternoon Update

Obama Releases Plan to Save Homes

President Barack Obama released details on a $75 billion plan to reduce the record number of foreclosures facing the American public. More

US Fed Revises Economic 2009 Outlook

The US Federal Reserve severely downgraded its projections for 2009. Unemployment numbers have been lifted to between 8.5 and 8.8 percent instead of 7.1 to 7.6 percent, and the Fed now believes that the economy will contract between 0.5 and 1.3 percent as opposed to the original estimate of 0.2 and 1.1 percent. More

Oil Closes Below $35

Light, sweet crude for March delivery fell 31 cents to close at $34.62 a barrel in New York today as investors continue to worry that a deepening recession could lead to reduced demand for energy. More

Yen Expected to Outperform Dollar

Tomoko Fujii – a currency specialist with Bank of America Securities-Merrill Lynch Japan – wrote today that the yen could rise to 90 yen to the dollar by the middle of the year. More

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