Forex News and Rumors – Afternoon Update

Stock Market Losses Increase Demand for Dollar

Stock markets were down today spurring investors to return to the US dollar as a safe haven for funds. By noon in New York, the dollar had gained 0.8 percent on the euro to $1.3384 from its close of $1.3486 on Friday. More

UK Debt Rises Faster Than Expected

The Institute for Fiscal Studies (IFS) said today the the UK faces a rising debt burden that could see a deficit of £150bn a year ($222.6bn) for the next three years. More

Fed Arranges Currency Swap Deal

The Federal Reserve completed a currency swap deal with the European Central Bank as well as the central banks for Britain, Japan, and Switzerland today that would allow the Fed to lend money to US financial institutions in any of the four currencies. The total value of the currency swap deal is nearly 290 billion dollars. More

Canadian Unemployment Predicted to Reach 9.5% Next Year

The Conference Board of Canada – an independent, non-government think tank – predicted today that Canada’s unemployment level would peak at 9.5 percent by the middle of 2010. More

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