Forex News and Rumors – Afternoon Update

OPEC Lowers Global Demand Predictions

Despite a bump in oil prices earlier in the day on news that China had increased oil imports, prices reversed sharply after OPEC announced that it had revised its global oil demand projections. OPEC now believes that global demand will decline another 480,000 barrels a day for the rest of 2009 and 380,000 barrels a day into the new year. More

Stock Markets Slip Ahead of Federal Reserve Meeting

Wall Street lost ground today as traders sat on the sidelines in anticipation of comments from the Federal Reserve expected once the Fed wraps up its two-day meeting later tomorrow. More

Pound Could Fall Through Support Level of $1.635

An analyst with the Royal bank of Scotland told clients today that should the pound fall below the current support level of $1.635, sentiment for sterling will turn even even “more bearish”.

“A break of this support will turn sentiment more bearish,” noted Greg Gibbs, a currency analyst with the Royal Bank of Scotland. “There will be support around $1.6200, $1.6000 and $1.5725.” More

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