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Forex News and Rumors – Afternoon Update

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 [1]

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 [2]

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 [3]

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 [4]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Scott Boyd

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