Forex News and Rumors – Afternoon Update

EU Joins US in Regulatory Changes

Just one day after announcing proposals to overhaul America’s financial regulatory system, the European Union has followed suit. The EU leaders have agreed to establish three new bodies to oversee the banking industry. More

Move to Higher-Yields Hurts Dollar

The dollar was passed by most of the major currencies today as investors buoyed by signs the recession is easing opted for higher yielding currencies. More

Gasoline Futures Fall After Jump in US Reserves

Gasoline for July delivery fell by 6.85 cents to $1.9610 a gallon compared to the current national retail average of $2.69 a gallon. Retail prices have climbed steadily for the past two months but are expected to retreat after the July 4th holiday. More

California Facing Credit rating Cut

Standard & Poor’s placed California on a ratings watch earlier this year and now Moody’s is threatening to cut the state’s rating to near-junk status. California already has the country’s lowest rating and further cuts could harm efforts to issue additional debt. More

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