Forex News and Rumors – Afternoon Update

Fed Says Recession is Easing, Inflation Not a Concern

The US Federal Reserve issued a statement today that the recession is easing but because the economy will remain weak for some time, the Fed opted to hold the line on interest rate keeping the benchmark rate at a historical low of between zero and 0.25 percent. More

Technical Analysis Points to Falling Dollar

According to Masashi Hashimoto – a senior analyst at the Bank of Tokyo-Mitsubishi UFJ Ltd. – the US dollar could fall to a four-month low of 92.50 to the yen after breaking a key support level of 95.52 and remaining under the five-day moving average. More

British Pound Makes Gains

The pound gained on the euro today, rising to 84.87 pence to the euro by late-day trading in London. An increase in banking stocks helped propel sterling as did a report by the Organization for Economic Cooperation and Development which raised its forecast for U.K. growth next year. More

Resale Home Prices s in Canada Fall 6.7%

Prices for existing homes fell in Canada for the fifth straight month in April, receding 6.7 percent from April 2008. More

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