Forex News and Rumors – Afternoon Update

Crude Prices Fall After IEA Predicts Demand to Wane

The International Energy Agency (IAE) released a report in Paris predicting that the ongoing economic slowdown will continue to reduce global demand for oil suggesting demand could fall by 2.4 million barrels a day to 83.4 million barrels. London Brent Crude fell by more than $3 a barrel to $51.04 while US light crude fell by $3.26 a barrel. More

Wall Street Down as Concern for GM Grows

The Dow was down 33 points in mid-afternoon trading in New York today as investors fretted over a growing likelihood that the Treasury Department will seek to push General Motors Corp. towards an “orderly” bankruptcy. More

Mexican Peso Gains on Speculation of Rate Cuts

Mexico’s peso gained 0.2 percent today to 13.0860 per US dollar as speculation grows that the Banco de Mexico will reduce its benchmark rate to 6.0 percent from 6.75 percent later this week. More

Thai Baht Falls Amid Civil Unrest

Thailand’s baht added to its 2.8 percent loss this year as battles between police and protesters forced
Prime Minister Abhisit Vejjajiva to declare a state of emergency. More

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