Forex News and Rumors for September 10th, 2008 – Afternoon Update

European Union Slashes Growth Forecasts for 2008

The European Union sharply cuts its 2008 growth forecasts, saying that
inflation would be worse than expected as financial market turmoil, high
commodity prices and housing market shocks undermine the region’s economy.

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US budget deficit seen at $438bn

The US budget deficit is expected to reach a record $438bn in 2009,
according to estimates from the Congressional Budget Office (CBO). It also
warns the deficit could go higher as the figure does not take into account
possible government costs for taking over Fannie Mae and Freddie Mac.

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Chinese trade surplus at new high

China’s trade surplus hit a monthly record of $28.7bn (£16.28bn) in
August, adding fresh pressure on China to revalue its currency.

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