Forex News and Rumors – Afternoon Update

Nigerian Rebels Attack Pipeline

Despite the International Energy Agency’s revising oil demand projections downwards earlier today, crude for August delivery jumped $2.48 to $71.64 a barrel by 2:00 P.M. in New York today. The increase has been attributed to the recent attacks by Nigerian militants which has hampered Nigeria’s output. More

BIS Warns of Inflation

The Bank for International Settlements (BIS) warned today that the implementation of massive government stimulus programs, combined with a tendency for central banks to delay raising interest rates, could lead to runaway inflation. More

House Passes Climate Bill; Obama Opposes Trade Sanctions

While congratulating the house for passing the energy bill, President Obama spoke out against provisions in the bill that would levy trade penalties on countries not doing enough to combat global warming.

“At a time when the economy worldwide is still deep in recession and we’ve seen a significant drop in global trade,” Mr. Obama said, “I think we have to be very careful about sending any protectionist signals out there.” More

Commodity Rally Could Be On Hold

Commodities which have enjoyed a resurgence over the past three months, could see gains set aside. Recent manufacturing reports suggest that supply could soon exceed demand triggering speculators to initiate a sell-off in order to take profits, driving down commodity prices. More

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