Forex News and Rumors – Afternoon Update

Canadian Dollar Makes Huge Gains on the Buck

The Canadian dollar – commonly referred to as “the loonie” – gained over a cent on the US greenback today as several factors came together to strengthen Canada’s currency. Yesterday’s announcement by the Federal Reserve to buy up securities caused the dollar to weaken further, news that Canada’s inflation rate showed more growth in the economy than predicted, and a sharp increase in oil prices of which Canada is a major exporter, all helped the loonie take flight over its US counterpart. More

Goldman Sachs Projects Dollar to Fall to $1.40 Per Euro

Goldman Sachs has revised its projection of the US dollar downwards to $1.40 to the euro from $1.35. more

Crude Oil Breaks Through $50

For the first time in over two months, crude oil is trading over $50 a barrel. Since the beginning of the year, oil has gained more than 15 percent.More

Stocks Down One Day After Fed Announces Scheme to Buy Treasuries

Despite a late day rally yesterday shortly after the Federal Reserve announced it would buy bonds to improve credit availability, Wall Street appears to be having second thoughts on the Fed’s plan. The Dow dropped 90 points at 2:30 PM New York time, and some analysts have described the scheme to issue debt and then repurchase that debt using “new” money as nothing more than a “shell game”. More

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