Forex News and Rumors – Afternoon Update

ECB Says Eurozone Economy Could Shrink Another 5%

The European Central Bank has revised its earlier forecast downwards saying that the eurozone economy could shrink by as much as 5.1 percent this year. More

Oil Sets New High for 2009

Just one day after shedding nearly $3 a barrel, crude oil resumed its three-month rally rising to $69.47 a barrel by mid-afternoon in New York today. Despite a huge inventory surplus and the lowest demand in ten years in the US, investors are banking that demand for energy will increase later in the year. More

High-Flying Loonie Sets Off Alarm at BoC

Bank of Canada Governor Mark Carney warned today that the surging Canadian dollar – nick-named the “loonie” – could hamper the economy’s attempts to emerge from recession. More

Ongoing Expenses Scandal in GB Hurts Pound

The ongoing expenses scandal that has forced several British Parliamentarians to resign, continues to damage the reputation of Prime Minister Gordon Brown. Brown is under intense pressure himself to resign and as the government’s fortunes plummet, so too does the British pound. More

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