Forex News and Rumors – Afternoon Update

Obama Rallies the Troops for Upcoming G20 Meeting

In an effort to diffuse recent tensions between the US and its trading partners over the “buy America” clause written into the recently-passed economic stimulus bill, President Obama called for G20 members to “take concerted action to spur global economic growth”. The G20 is set to meet this weekend in West Sussex near London. More

US Budget Deficit Reaches $765 Billion

Just under half-way through the current budget year, the US federal budget deficit sits at $765 billion. Reduced tax revenue and a dramatic increase in spending are being blamed for the record deficit which already surpasses last year’s total operating shortfall of $454.8 billion. More

IMF Says Canada’s Economy to Slow But Among First to Recover

A report by the International Monetary Fund (IMF) said today that weakening foreign demand for Canada’s exports and softer commodity prices will result in a slowing economy in the “near term”, but Canada is well-positioned to recover as the various economic stimulus plans help global economies to recover. More

Dollar Drops as Stock Markets Continue Rally

Although not as buoyant as yesterday’s rally, Wall Street remained in positive territory as bank stocks once again led the way giving investors further reason to be optimistic. As a result, fewer turned to the dollar as a safe hedge forcing the dollar to lose 0.8 percent against the euro. More

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