Forex News and Rumors for September 12th, 2008 – Afternoon Update

China Gets a Global Credit Crunch Reality Check

Economic slowdowns in China’s major markets – particularly the U.S. – has forced the People’s Bank of China to make its first interest rate cut in six years. One-year lending rates have dropped to 7.2% from 7.47% – required reserve ratios for commercial banks have also been lowered.

Read the full article

Crude Falls Below $100 a Barrel

Fears of a worsening outlook for the global economy continue to drive down the price of oil even as Hurricane Ike closes in on the Gulf Coast.

Read the full article

U.S. Retail Sales Down in August

Retail sales fall by 0.3% for the month of August.

Read the full article

Foreclosures Increase 27% From Year Ago

Foreclosures in the battered U.S. housing market for the month of August were up 27% from the same month one year ago. However, this increase is less than previous months.

Read the full article

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.