Forex News and Rumors – Afternoon Update

Bernanke Says US Must Deal With Deficit

US Federal Reserve chairman Ben Bernanke said today that the government must begin immediately to address America’s deficit.

“We will not be able to continue borrowing indefinitely to meet these demands,” Bernanke said while testifying before a House Budget Committee. More

Oil Prices Fall, Demand at 10-Year Low

The price of crude fell by nearly 3 dollars a barrel in New York today as a government report showed that US supplies were higher than expected while demand for energy actually fell to a 10-year low.

“The high inventories and weak demand we’re seeing don’t justify prices in the $60s,” said Chip Hodge, managing director at MFC Global Investment Management in Boston. “The fundamentals are catching up with the market. Prices have gotten ahead of where they should be.” More

Canadian Consumer Confidence Shows Improvement

A survey of consumer confidence in Canada has jumped to 78.5 from 67.0 for the month of May. More

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