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Forex News and Rumors – Afternoon Update

Fed to Begin Policy of “Credit Easing”

With zero-bound interest rates minimizing the potential impact of further interest rates cuts, the Federal Reserve is turning to more radical approaches to manage the economy. The Fed has started buying mortgage securities and corporate commercial paper in a bid to improve cash positions held by commercial banks in what Federal Reserve Chairman Ben Bernanke refers to as “credit easing”. More [1]

Wall Street Continues Rally

Boosted by better-than-expected housing starts and hopeful optimism that the Federal Reserve has other goodies in store from its two-day meeting that wraps-up tomorrow, investors saw fit to push the Dow into positive territory. More [2]

Jump in Crude Oil Prices Propels Canadian Dollar

The price of cruse oil closed above $49 a barrel in New York today lifting the loonie to 1.2709 per US dollar from yesterday’s close of 1.2719 per US dollar. More [3]

Now Congress to Review AIG Bonuses

Democrats in the House of Congress added their voices to the chorus decrying the $165 million in bonuses paid to AIG executives from public funds. More [4]

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Scott Boyd

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