Forex News and Rumors – Afternoon Update

New Home Sales Fall To Lowest Level In Over Seventeen Years

A report released by the Commerce Department on Wednesday showed that new home sales fell 5.3 percent to an annual rate of 433,000 units in October from the revised September rate of 457,000 units. With the decrease, new home sales fell to their lowest level since January of 1991. More

China’s Central Bank Cuts Rates

The rate cut, which will come into effect on Thursday, will see rates fall to 5.58% from 6.66%. This is the biggest cut in the cost of borrowing in China since October 1997, during the Asian financial crisis. More

Ex-Fed chief Named Obama Adviser

Mr Volcker, 81, who advised Mr Obama on the economy during the election campaign, led the Fed under presidents Jimmy Carter and Ronald Regan. The President’s Economic Recovery Advisory Board is part of efforts to tackle problems in the ailing economy. More

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