Forex News and Rumors for October 2nd, 2008 – Afternoon Update

Credit Crunch Deepens

The London Inter-Bank Offered Rate (LIBOR) – the benchmark rate used to set interest rates – continues to climb underscoring the difficulties facing institutions trying to borrow money to meet short-term operational costs.

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Euro Falls to 3-Month Low

The Euro fell to to its lowest rate against the dollar in over a year as European Central Bank President Jean-Claude Trichet makes the case for holding the line on interest rates.

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European Growth Falls to 2.52% from 2.66%

Economic growth in the Euro Zone countries fell to a three-month low

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Australia and New Zealand Dollars Decline

Fears that the proposed U.S. bank bailout will not prevent the world’s largest economy from descending into a prolonged recession triggered large sell-offs of Australian and New Zealand dollars adding to recent day losses.

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