Forex News and Rumors for October 20th, 2008 – Afternoon Update

Dollar Continues to Beat Euro

Make it four straight days that the dollar has gained on the euro as the U.S. government and Federal Reserve continue efforts to increase confidence in the markets.

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G7 2009 Economy Expected to Contract

Deutsche Bank AG today released an economic outlook predicting that the overall economy of the G7 countries will shrink by 1.1 percent in 2009, suggesting that central banks in the G7 nations will be forced to cut interest rates in order to spur consumption. While Canada is expected to show modest growth of 1.2 percent, the other G7 members are all expected to experience negative growth for the year ahead.

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Loonie Continues its Flight South

The Canadian dollar had another losing day on news that wholesale sales figures in August fell for the first time in six months. Demand for Canadian exports – of which the U.S. is the largest buyer – have fallen in recent months and had forced the loonie down 11 percent in the month of October alone.

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