Forex News and Rumors – Afternoon Update

Pound Drops Below $1.40

A steep decline in bank shares added to the downward pressure on sterling today which fell to a six-week low of $1.3761. More

More Production Cuts Likely Even as Crude Prices Rise

Despite reaching a high for the year of $47.09, OPEC producers hint that further production cuts are on the agenda at an upcoming meeting scheduled for this weekend. More

Yen Hit by Current Account Gap

The yen fell to 98.90 per dollar today – a loss of 0.7 percent – on news of a widening current account gap and Japan’s first trade deficit in 13 years. More

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