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Forex News and Rumors

US Stimulus Money Funds Operations – Not New Investment

A report issued by the Government Accountability Office shows that most of the $787 billion supplied by the Federal government to jump-start the economy, is being used by many states mostly to cover shortfalls in operational costs and not to build new infrastructure projects such as schools as originally planned. More [1]

IMF Predicts Slow Recovery

The International Monetary Fund (IMF) released an updated outlook suggesting that the global economy will perform slightly worse in 2009 than earlier predicted; the IMF now believes the world economy will contract by 1.4 percent in 2009 rather than its earlier estimate of 1.3 percent. More [2]

Oil Drops Below $62 a Barrel

Renewed fears that the global economy is not recovering as quickly as previously hoped seems to have stalled the crude oil rally. U.S. light crude for August delivery dropped $1.16 to $61.77 a barrel from 62.93 a barrel on Tuesday, ending a fifth straight day of losses. More [3]

UK Banks to Face Greater Oversight

Chancellor of the Exchequer [4] Alistair Darling announced today that the Financial Services Authority (FSA) will be handed greater powers to curb risk-taking in commercial banks and to levy punishment against banks and individuals who abuse their positions. More [5]

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Scott Boyd

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