Forex News and Rumors – Afternoon Update

Wall Street Continues Gains

Wall street recorded its second consecutive day of gains with the Dow up more than 300 points at 3:00 PM New York time. Announcements of new spending initiative by President-elect Barack Obama and rumors that a deal is close-at-hand for Detroit auto manufacturers brought out the bulls for the first session of the week. More

Canadian Dollar Rises Against US Dollar

In an apparent bid to reduce US risk exposure, the Canadian dollar – known as the Loonie – gained just over 2 percent on the US dollar. Stephen Gall of Schneider Foreign Exchange in London said, “It’s a risk-appetite move – we’re seeing the U.S. dollar weaker across the currency board.” More

President-Elect Obama Warns of More Bad News

Saying that it will get worse before it gets better, President-elect Barack Obama warned Americans that despite a flurry of corporate bail-outs and a plethora of stimulus packages, there is only so much that any government can do.

“This is a big problem, and it’s going to get worse,” Obama noted in an interview on American television yesterday morning. More

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