Forex News and Rumors – Afternoon Update

US Deficit Forecasts Worse Than Predicted

The budget proposed by President Barack Obama would result in yearly deficits averaging $1 trillion for the next ten years according to projections from the Congressional Budget Office. More

Pound Posts Large Gain on Dollar

The pound today closed out its largest weekly gain on the dollar in almost two months closing at $1.4422 from $1.4506 yesterday. For the week, sterling gained 3.2 percent on the US dollar. More

Bernanke Calls for More Oversight on Executive Pay

Referring to the furor over bonuses paid out at Merrill Lynch and the American International Group (AIG) which Federal Reserve Chairman Ben Bernanke described as “perverse”, the head of the Federal Reserve called for greater scrutiny of executive pay to ensure that compensation levels are “aligned with the long-term prudential interests of the institution.” More

Charges of Protectionism Sidetrack EU Summit

Charges of protectionism have been leveled against France at a two-day summit for EU leaders taking place in Brussels. The agenda was dedicated to dealing with the economic crisis, but rapidly deteriorated when Slovenia accused France of offering financial support to carmaker Renault in exchange for moving jobs from production facilities in Slovenia to plants in France. More

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