Forex News and Rumors – Afternoon Update

Oil Falls 12% on Higher-Than-Expected Supply Levels

Oil futures for February delivery fell $5.84 in New York on news that US crude oil inventories rose 6.68 million barrels to 325.4 million barrels. More

Dollar Falls on ADP Employment Report

The dollar lost 0.9 percent to the euro by mid-day trading to $1.3657 per euro after the privately-produced ADP report showed that employers were cutting jobs at an accelerated pace. More

Traders Look to Canadian Dollar

With a rebound in commodities expected in the next few months and more troubles for the U.S., options traders are turning to the Canadian dollar – known also as the “loonie” – to gain some of the ground it lost to the US dollar over the past six months. More

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