Forex News and Rumors for October 20th, 2008

Week Begins on a Positive Note

European and Asian markets opened higher Monday morning giving investors hope for a spillover as North American markets prepare to begin another uncertain week.

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Lending Rates Ease

In the face of last week’s stock losses and renewed efforts by legislators to help the struggling banking sector, money-market lending rates declined for the first time in two weeks. According to the British Bankers Association (BBA), the London Inter Bank Offered Rate (LIBOR) fell 36 basis points to 4.06 percent.

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Even China Can’t Escape Global Slowdown

China’s National Bureau of Statistics reports that China’s growth fell to 9% for the months of July, August, and September compared to 10.1% for the previous quarter.

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OPEC Expected to Cut Production to Prop Crude Prices

With some futures contracts for December pricing crude oil at $50 a barrel, speculation grows that OPEC will cut production to decrease the supply of oil. Dropping from a high of $147 a barrel in July, the price has fallen steadily as the global financial crisis has reduced demands for oil.

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