Forex News and Rumors – Afternoon Update

Fed to Scale Down Stimulus

One day after Federal Reserve Chairman Ben Bernanke noted that the US economy is “leveling out”, the Fed now says it will reduce its efforts to inject liquidity into the financial system. More

Dollar Weakens on Disappointing Retail Sales

An unexpected fall in US retail sales for the month of July forced the dollar down today, as both the euro and the yen gained on the greenback. More

Pound Gains on Good News From France and Germany

France and Germany both officially exited from the recession in July by posting small increases in growth for the month of July. Optimism for a wider European recovery spread into England and helped boost cable 0.6 percent on the dollar to $1.6575 as of 5:15 p.m. in London. More

US Mortgage Rates Increasing

Mortgage rates in the US rose last week, forced higher by Treasury yields. Interest rates on U.S. 30-year fixed-rate mortgages averaged 5.29 percent for the week ending August 13, up from the previous week’s 5.22 percent, said a survey released by home funding company Freddie Mac. More

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