Forex News and Rumors – Afternoon Update

Dollar Marks Third Day of Losses to the Yen

The dollar lost to the yen for the third straight day today as US retail sales for February fell more than expected. The buck lost 1.2 pecent to 98.86 per yen by 3:00 PM in New York form 100.10 yesterday. More

Canadian Dollar Matches 10-Week High

The Canadian dollar – also known as the “loonie” – matched a 10-week high climbing 0.6 percent to C$1.2310 per US dollar.

“There seems to be cautious optimism that maybe the worst is over,” said Paul Ferley, assistant chief economist in Toronto at Royal Bank of Canada. More

“Signs of Economic Progress” – Obama

Speaking at Georgetown University today, President Barack Obama said that while there were “signs of economic progress” a widespread recovery would still take considerable more time and further widespread job losses were still likely. More

Lower Retail Sales Drags Down Stocks

New York lost ground today as a surprisingly weak retail sales result eroded investor confidence. The S&P 500 Index fell 1.7 percent as did the Nasdaq Composite Index. More

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