Forex News and Rumors – Afternoon Update

Fed Lowered GDP Expectations at Last Meeting

Minutes of the Federal Open Market Committee (FOMC) meeting held March 17th and 18th and released to the public earlier today, reveal that the Fed policy-makers agreed that a continuation of tight credit conditions and weak markets would result in lower Gross Domestic Product (GDP) figures than originally forecast. More

Euro, Pound Fall as Europe’s Recession Appears to be Worsening

With the most recent indicators suggesting that the recession in Europe is worsening, investors sold cable and euro in favor of the yen today. The euro lost 0.9 percent falling to 132.14 yen to the euro, while sterling shed more than a full percent to 146.37 yen to the pound. More

Asian Currencies Extend Losses

Asian currencies were weighed down by the stock markets for a second straight day as equities continue to struggle in the face of weak earnings reports. The South Korean won shed 2.4 percent while Taiwan’s dollar lost 1 percent. More

US Wholesale Inventories Fall 1.5%

The Commerce Department said today that wholesale inventories fell by 1.5 percent in February – this is the largest single-month decline and the sixth straight month of declines. Analysts hope that this means that businesses have now adjusted their inventories to better reflect consumer demand and that they may soon be ready to increase orders now that surplus stockpiles have been reduced. More

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