Forex News and Rumors – Afternoon Update

US Consumer Confidence Drags Down Markets

Stocks in New York fell today as consumer confidence dipped sharply in June, falling to 49.3 from 54.8 a month earlier. The Dow Jones fell by 1.3 percent to 8,419.57 by mid-day trading, while the S&P 500 and Nasdaq fell 1.2 percent and 0.8 percent respectively. More

Jobless Rates Climb in US Cities

The Labor Department said today that the jobless rate has increased in the past year in all the metro areas in which it conducts employment surveys. More

Recession’s Grip Loosening on Canada?

Statistics Canada said today that while the country’s GDP continued to contract in the previous quarter, at 0.1 percent the rate of decline was much less than previous two quarters. More

Dollar Represents 65% of Global Currency Reserves

Despite recent lobbying from China and Russia that it was time to reconsider the dollar’s role as the world’s primary reserve currency, the percentage of dollars held by foreign countries has increase from 64.1 percent at the end of last year, to 65 percent in the first quarter of 2009. More

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