Forex ~ Afternoon Forex Updates

US Dollar slips:
Risk sentiment has been soured with reports that bankruptcy could a viable option for the car makers like GM. Economists have warned that the collapse of big automakers may reverberate beyond North America given the network of global supplies chains.The warning followed news from the Bloomberg that the Obama administration is looking at a prepackaged bankruptcy for GM.

In fx trading,US dollar came off highs with further news that this report is "not accurate" and that President Barack Obama's thinking on the crisis facing GM has not changed since Monday. The dollar fell about 0.1 percent against the yen.

Traders alert before key events later this week:
Forex Traders are wary of chasing prices aggressively in view of key events including the G20 Summit, later this week.Investors are treading cautiously ahead of the G20 meeting and the ECB policy announcement in the coming days.


Banks take to 'unconventional' ways:
U.S., British and Japanese central banks have turned to unconventional steps to pump funds into their economies, including outright buying of government and corporate debt. ECB is expected to follow suit.

Business confidence at record low in Japan:
A survey by the central bank in Japan has showed that business confidence among manufacturers in Japan is at a record low. Government reports yesterday showed that U.S. home prices are still plunging and consumer confidence is holding at just above record lows.In online forex trading the yen traded near its weakest level in almost a month against the greenback.

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