Forex News and Rumors – Afternoon Update

UBS Predicts Aussie Dollar to Outpace Canadian and New Zealand Dollars

A UBS client note suggests that the Australian dollar is poised to make gains on the Canadian and New Zealand dollars on the belief that the Reserve Bank of Australia will be one of the first jurisdictions to raise interest rates as global economies improve and central banks turn their attention to dealing with inflation. More

US Consumer Sentiment Falls as Unemployment Increases

The Reuters / University of Michigan index of consumer confidence fell to 66 from 70.8 in June. Concerns over rising unemployment were cited as the primary reason for the decline. More

Canadian Dollar Appreciation “Concerns” Finance Minister

Finance Minister Jim Flaherty described the impact that Canadian dollar reaching a seven week high against the US dollar could have on Canada’s exports as a “concern”.

“Businesses in Canada need time to adjust, especially our exporting businesses with respect with the value of the dollar.” More

South Korea’s Economy Grows 2.3%

South Korea – the fourth-largest economy in Asia – recorded its best growth in over five years in the second quarter expanding by 2.3 percent in the three months ending June 20. More

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