Forex News and Rumors – Afternoon Update

Higher Unemployment Causes Euro to Tumble

The euro fell 0.3 percent to $1.3212 by mid-day trading in New York as rising unemployment in the eurozone pushed the euro close to a two-week low against the dollar. More

France, Germany Pose “Non-Negotiable” Demands for Financial Regulations

French President Nicolas Sarkozy and German Chancellor Angela Merkel told the G20 summit today that their combined proposal for new global finance rules were “non-negotiable”.

“Without new regulations there will be no confidence. And without confidence there will be no recovery,” Sarkozy said just one day after threatening to walk out of the summit if the leaders could not agree on new financial regulations. More

US Bank Loans Fall to Record Low

Despite assurances that the government’s bank rescue plans will free up congested credit markets, bank loans fell to a record low in the first quarter of 2009. More

Auto Woes Continue

General Motors Corp. suffered a 45 percent drop in new car sales for the month of March compared to the same period last year, while Ford Motor Co. and Chrysler LLC sales plunged 41 percent and 39 percent respectively. More

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