Forex News and Rumors – Afternoon Update

UK Recovery “Slow and Protracted” – Bank of England

Bank of England Governor Mervyn King warned today that the UK’s recovery from the economic crisis will be “slow and protracted” but stressed that growth would return.

“Great uncertainty about the outlook persists”, he said in the bank’s quarterly report. “The economy will eventually heal, but the process may be slow.” More

TD Securities Picks Yen for Long-Term

Analysts at TD Securities today advised clients that the yen could reverse earlier losses against the dollar and the pound and become the “safe harbor” currency providing the best refuge from the on-going financial crisis. More

Swiss National Bank to Implement Franc Policy

The Swiss franc dropped to 1.5085 per euro today from yesterday’s close of 1.5053 after Swiss National Bank board member Thomas Jordan said the bank will implement monetary policy to prevent further appreciation of the swiss franc. More

Yen Falls on Demand for Higher Yields

The yen lost ground to the euro today as an increase in risk appetite spurred by stock market gains encouraged investors to sell low-yielding yen in favor of higher yielding currencies and other assets. More

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