Forex News and Rumors for September 5th, 2008 – Afternoon Update

Government to Take Over Fannie Mae and Freddie Mac

President Bush announces government take over of Fannie Mae and Freddie Mac.

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Dollar Pushes Crude Down

A flurry of late-day tradding on Friday saw crude drop on fears of lower global demand and a stronger dollar.

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Mortgage Foreclosures in U.S. Reach 30-Year High

A combination of rising mortgage rates and lower property values forces foreclosure rates upwards by another 1.2%.

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Russian Central Bank Goes on Buying Spree

The central bank bought rubles using its foreign currency reserves in an attempt to reverse recent losses. The ruble – as well as Russian stocks and bonds – have all suffered since investors began divesting themselves of Russian assets in response to the recent fighting in and around Georgia.

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ECB says Trichet met China’s Zhou

The President of the ECB met his Chinese counterpart today in Frankfurt to discuss issues of mutual interest.

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IEA chief says market will improve if OPEC sustains output levels

Nobu Tanaka, the executive Director of IEA, said that the Oil market will improve if Oil producing countries continue to provide the same levels of output although he also mentioned that the days of low-energy prices were over. He warned about geopolitical situations in Nigeria and Georgia, as well as weather disruptions like Gustav.

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