Forex News and Rumors – Afternoon Update

Canadian Dollar Continues Winning Ways

The Canadian dollar – known as the “loonie” – rose to its highest level against the US dollar since last November as speculation that the worst of the recession may be over. The Canadian dollar is tied closely to the price of oil and other commodities and is considered one of the currencies most likely to make gains as growth returns to the global economy.

“Commodity currencies can continue to do well as we come out of the worst of the production-cycle downturn,” said Daniel Katzive, a senior currency strategist at Credit Suisse Group AG in New York. “We’re cautiously optimistic on the Canadian dollar.” More

Peso Recovers as Flu Fears Abate

The Mexican peso gained 3.3 percent by 12:30 PM in New York today after Health Minister Jose Cordova said that the N1H1 influenza outbreak was waning. The peso rose to 13.3232 per US dollar from the previous close of 13.7786. More

NA Stock Markets Gain on US Housing and Construction news

Stock markets in North America followed the lead set earlier today in Asia and Europe as the TSX Composite gained 289 points (+3.05 percent) while the Dow Jones Industrial Average was up 180 points (+2.20 percent). North America was further propelled by news that construction spending in the US was up 0.3 percent in March after five straight losing months while existing home sales rose 3.2 percent. More

GM Chief Says Bankruptcy “Avoidable”

General Motors Corp CEO Fritz Henderson said earlier today that despite Chrysler being forced into bankruptcy and GM’s own looming deadline, it is still possible for the company to avoid its rival’s fate. More

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