Forex News and Rumors – Afternoon Update

Citigroup Profit Spurs Market Recovery

Financial stocks powered a 300-point rally on Wall Street today as Citigroup announced that it had an operating profit for the first two months of the calendar year. More

Oil Prices Rise Ahead of Inventory Report

Light, sweet crude rose 66 cents to $47.73 a barrel in New York ahead of the weekly inventory report expected to show inventories have increased. Federal Reserve Chair Ben Bernanke also told the Council on Foreign Relations that the recession in the US could be reversed by the end of the year if the government’s economic recovery plans provide the anticipated stimulus. More

Dollar Falls as Market Rally Eases Urgency for Safe Haven

Strong rallies on the global stock markets today placed downward pressure on the dollar as investor concerns for a safe haven in which to park savings eased. More

Canadian Dollar Advances on Oil Price Increase

A combination of gains in the stock markets easing risk concerns and sustained price increases for crude oil powered the loonie today which gained 1.3 percent on its US counterpart. More

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