Forex News and Rumors – Afternoon Update

Yen Falls as Japanese Investors Turn to Overseas Assets

The yen fell by nearly two percent to 97.24 to the dollar by mid-day trading in New York, marking the largest intra-day loss in two months. More

Crude Gains Push Canadian Dollar

Crude jumped more than three percent to $65.44 a barrel on the New York Mercantile Exchange lifting the Canadian dollar to C$1.1139 per US dollar from C$1.1231 yesterday. More

GM Prepares for Bankruptcy Filing

General Motors and the US Treasury Department are still working to secure a deal with GM’s bondholders that would see debt exchanged for equity in any new company emerging from bankruptcy. Insiders say that whether or not a deal is reached with the bondholders, GM will go ahead with a planned move into bankruptcy protection on June 1st. More

Canada’s Banks Leading the Way

Shares in several of Canada’s top-tier banks including Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and National Bank of Canada, helped lift the Toronto Stock Exchange today as the banks reported higher-than-expected earnings. Canada’s largest bank – The Royal Bank of Canada (RBC) – is scheduled to release its earnings statement tomorrow. More

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