Forex News and Rumors – Afternoon Update

Oil Falls on Surprise Increase in Gasoline Supply

US crude for July delivery fell to $70.09 a barrel while Brent crude dropped to $69.88 a barrel on news that US gasoline reserves were higher than expected. More

Obama Proposes Overhaul of Financial Regulations

Citing a “culture of irresponsibility” as the major factor that contributed to the ongoing recession, President Barack Obama provided more detail on a plan that gives more power to the Federal Reserve to regulate the entire financial system. More

Dollar Drops on Rate Speculation

The dollar fell against the yen today as speculation grows that the Federal Reserve will not increase rates when the FOMC meets next week. More

Five More US Banks Repay Loans

Five more of the nation’s largest banks – including JPMorgan & Chase – made further payments to payback money they received under the Troubled Asset Relief Program (TARP). More

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