Forex News and Rumors for October 1st, 2008 – Afternoon Update

Revised Rescue Plan Before the Senate

A revised plan that includes $100 billion in tax breaks and an increase in the deposit insurance cap to $250,000 from $100,000 will be voted on in the Senate later this evening. If it passes, it will then go to the House for a binding vote.

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U.S. Fuel Consumption Hits Severn-Year Low

Crude continued to fall on news of larger-than expected supplies combined with a reduction in consumption not seen since 2001. The U.S. – which consumes one quarter of the world’s oil supply – has seen a drastic reduction in usage that some analysts suggest will decline further as the state of the U.S. economy continues to deteriorate.

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Trichet Urges Congress to Pass the Troubled Asset Relief Act

Stating that “for the sake of global finance”, European Central Bank President Jean-Claude Trichet stated earlier today that the U.S. Congress should pass the revised bill.

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