Forex News and Rumors – Afternoon Update

Pound Gains on the Dollar

After a string of losses against the dollar, the pound gained just over 2 percent to $1.5035 in mid-day trading in New York. More

Russian Ruble Continues to Lose Value

With the price of crude oil still trending downwards and little evidence of a reversal in sight, the ruble continues to weaken. More

US Industrial Output Rose 1.3%

After a 3.7 percent reduction in September, US industrial output rose 1.3 percent in October largely on exports. Analysts predict however, that as the economic slowdown continues in the countries that historically provide a market for US goods, demand will weaken and this will reflect in lower exports in the next quarter. More

Petro-Canada Delays $25 billion CAD Investment

Falling crude oil prices has caused Petro-Canada – the third largest oil company in Canada – to delay a $25.3 billion CAD project intended for the Fort Hills oil sands project. A decision on whether the company will proceed with the project is now expected to be announced in 2009. More

Citigroup to Cut Workforce by 50,000

Citigroup announced today that it would sell some under-performing assets and lay-off an additional 50,000 employees. More

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