Forex News and Rumors – Afternoon Update

US Dollar Gains on Employment News

The dollar received a lift today when the latest US unemployment figures showed that the economy is losing jobs at a slower rate than previously thought. By 1:00 PM in New York, the dollar increased to $1.4179 per euro from $1.4345 per euro at yesterday’s close. More

NBER Member Says US Recession Could Have Ended in July

Jeffrey Frankel – a professor at Harvard University and a member of the National Bureau of Economic Research (NBER) – said that the recession may have ended in July.

“I haven’t felt that there have been any previous months for saying this will turn out to be the bottom, but this one is definitely a candidate,” Jeffrey Frankel, who sits on the National Bureau of Economic Research’s business-cycle dating committee, said today in a telephone interview. “It’s perfectly possible that this will turn out to be it.” More

10% US Unemployment Still Likely

Despite a slowing in the pace of job losses in the US economy, the White House is still bracing for 10 percent unemployment before the end of the year. More

US “Cash for Clunkers” Plan Extended

The original budget for the “Cash for Clunkers” plan was $1 billion but the incentive has proven so popular, that the government has added another $2 billion to the program. More

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