Forex News and Rumors – Afternoon Update

Euro Falls on Speculation of More Rate Cuts

The euro suffered its largest single-day loss in two weeks today as the European Central Bank cut interest rates to 1.5 percent today while ECB President Jean-Claude Trichet hinted at further cuts. More

Geithner Pledges to Protect Banks From Collapse

U.S. Treasury Secretary Timothy Geithner testified before the House Budget Committee today and told the members of Congress in attendance that the Obama administration would provide all the assistance the banking system needs to ensure their survival. More

S&P 500 Falls to Lowest Level Since 1996

The Standard & Poors 500 Index lost 3.1 percent today falling to 690.63 at 1:22 PM New York time. More

639k New US Jobless Claims

The US Labor Department announced today that the total number of new jobless claims in the US fell to 639,000 from 670,000 for the previous week. More

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