Forex News and Rumors – Afternoon Update

Loonie Advances on Struggling Dollar

The Canadian dollar – also known as the “loonie” – climbed to half a percent to C$1.2258 per US dollar from C$1.2321 yesterday as the US dollar struggled against most of the majors. A recent Bloomberg survey indicates that a group of economists polled for their predictions suggests that the Canadian dollar could reach C$1.24 by the end of the year. More

Home Prices in California Drop 41%

As foreclosures continue to climb in the State of California, home prices have dropped 41 percent from this time last year from an average price of $418,260 to $247,590. More

US Government Wants More Power to Seize Firms Accused of Fraud

The US government is expected to reveal new rules designed to eradicate some of the practises that brought about the subprime mortgage crisis. The administration is also seeking new powers that would allow the Federal Deposit Insurance Corp. (CDIC) to seize failing financial institutions and wind them down in an orderly manner. More

EU President Calls US Recovery Plans a “Road to Hell”

Czech Prime Minister Mirek Topolanek – currently serving as the European Union President – said today that US President Barack Obama’s economic package will “undermine the liquidity of the global financial market”. He went so far as to describe the plans as “a road to hell.” More

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