Forex News and Rumors – Afternoon Update

Stock Markets Decline as Washington Rejects Automaker Plans

After forcing the resignation of General Motors CEO Rick Wagoner over the weekend and rejecting the restructuring plans of both GM and Chrysler as being unrealistic, investors were in a cautious mood, translating into a loss of nearly 300 points on the New York Stock Exchange. More

British Pound Falls on News of More Financial Sector Job Losses

The pound lost against the dollar for the the fourth day in a row on news that another 15,000 jobs could be eliminated in the financial services sector by the end of the 2nd quarter. More

Japan’s Manufacturers Reduce Inventories

Japan’s manufacturers reduced inventories at a record pace in February but hope to increase production levels over the coming months as the economy strengthens. Inventories were cut by 4.2 percent which is the biggest decrease since 1953 when inventory levels were first recorded. More

Oil Drops Below $50

Crude oil for May delivery fell more than $3 in New York today to close at $49.38 dropping under $50 a barrel for the first time in more than a week. More

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