Forex News and Rumors – Afternoon Update

Eurozone Unemployment Soars to 9.2%

Unemployment in the sixteen Eurozone countries shot up to 9.2 percent for the month of April. Spain recorded the highest unemployment rate with 18.1 percent of its citizens out of work. More

US Pending Sales Rise 6.7%

The National Association of Realtors said today that the number of pending US home sales rose 6.7 percent to a seasonally-adjusted 90.3 on its index of sales contracts. More

Reserve Holders Suggest Time Near for New Reserve Currency

With the dollar continuing to lose ground against the major currencies, countries holding huge dollar deposits in reserve such as China and Russia, are once again calling for an alternative to the US dollar as the world’s reserve currency. More

Hummer Finds New Home in China

General Motors Corp. announced that it has struck a tentative deal to sell its Hummer product line to China’s Sichuan Tengzhong Heavy Industrial Machinery. GM also said that it has potential buyers for Saturn and Saab. More

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