Forex News and Rumors – Afternoon Update

Falling Retail Sales Push Down Pound

The British pound fell after February UK retail sales in February fell by 1.9 percent from January. One analyst in London described the outlook of the pound as “fragile”. More

Geithner Plans to Increase Authority Over Banking System

US Treasury Secretary Timothy Geithner told a House Committee today that the government needs more authority over the banking system to prevent the type of risk-taking that led to the current financial crisis. The following points are under consideration:

  • Establishing a single entity responsible for stability among major institutions
  • Enforcing more conservative capital requirements for financial institutions
  • Forcing investment companies of a certain size to register with the Securities and Exchange Commission (SEC), the US financial regulator
  • Establishing a framework for derivative markets
  • Strengthening requirements for money market funds

More

PM Calls for Creation of New Fund

While speaking at a summit one week ahead of the G20 Meeting, British Prime Minister Gordon Brown called for the creation of a $100bn (£69bn) global fund to boost global spending in a bid to protect emerging market economies. More

Oil Climbs to Four-Month High

Crude oil prices jumped nearly 3 percent today as continued stock market gains help soothe investor’s fears. Contracts for May delivery rose $1.52 to $54.29 a barrel in New York. More

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