Yen Struggles Against the Dollar, Euro
The yen fell by 0.4 percent today to 132.64 yen per US dollar from 132.17 yesterday while also hitting a five-month low against the euro. More
Gold, Silver Fall on Weaker Demand
Demand for a safe hedge seems to be waning somewhat as both gold and silver lost ground just one day after Treasury Secretary Timothy Geithner announced a plan to improve liquidity within the banking system. Gold futures for April delivery fell $28.70, or 3 percent, to $923.80 an ounce, while silver futures for May delivery dropped 51.8 cents, or 3.7 percent. More
Treasury Wants Greater Regulatory Powers
Treasury Secretary Timothy Geithner acknowledged that public anger over the AIG bonus issue helped convince him that the Treasury needs more authority to deal with non-bank financial companies to prevent a collapse from damaging the economy.
“AIG highlights broad failures of our financial system,” Geithner told the House Financial Services Committee. “We must ensure that our country never faces this situation again.” More
Markets Give Back Some of Yesterday’s Gains
A foray into negative territory came as no surprise today as Wall Street followed up yesterday’s gains resulting in a 6.8 percent jump in the Dow. More
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