Forex News and Rumors – Afternoon Update

US Economy Worsened in January and February

Ten of the twelve federal reserve regions reported that economic activity weakened for the first two months of 2009. The Reserve Banks of Philadelphia and Chicago described their economies as “weak” for the same time period. More

Obama Administration Announces “Making Home Affordable” Program

Whitehouse officials announced the initiation of a new program to help some of the 9 million borrowers facing foreclosure on their homes.

“It’s not intended to prevent every foreclosure or to help every homeowner,” a senior Treasury Department official told reporters. “It’s really targeted at responsible homeowners.” More

Stock Markets Show Gains After Several Days of Losses

Stock markets managed moderate rallies today after several days of consecutive losses. Analysts say speculation that China will provide its own economic stimulus package buoyed investor optimism as all major markets gained more than 3 percent on the day. More

Aussie Dollar Falls on Surprise Rate Cut

Australia’s dollar struggled today after the Reserve Bank of Australia cut interest rates, falling to a one-month low against the US dollar. More

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