Forex News and Rumors – Afternoon Update

Canada’s Housing Market Rebounds

Existing home sales during the second quarter rose 31.5 percent over the same time last year, while prices jumped 3.6 percent in June to a record C$326,613 (US$281,177). More

Greater Appetite for Risk Hurts Yen

The yen fell today as positive earnings reports – particularly the news that Goldman Sachs beat expectations – helped convince investors to abandon the yen in favor of higher yielding currencies including the Canadian and Australian dollars. More

Obama Predicts Unemployment to Grow

During a speech at a Michigan college, President Obama today said that unemployment will continue to grow, adding that new jobs will require greater training and post-high school education to achieve a better skilled work force.

“We will not fill those jobs — or keep those jobs on our shores — without the training offered by community colleges,” Obama said. More

Canadian Dollar Set to Outperform US Dollar

Standard Chartered Plc upgraded its short-term rating on the Canadian dollar to “overweight” from neutral on the expectation of increased foreign investment.

“The four main negative factors which have pressured the Canadian dollar — growth contraction, capital outflows, interest-rate spreads and the external surplus — have abated,” wrote Callum Henderson, head of global currency strategy at Standard Chartered in Singapore. “There are signs of capital inflows accelerating once more.” More

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