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Forex News and Rumors – Afternoon Update

US Retail Sales Up 0.5%

For the first time in three months, US retail sales increased by 0.5 percent for the month of May. According to the Commerce Department, an increase in gasoline prices was mostly responsible for the rise in retail sales and if adjusted to remove the effect of new auto sales, gasoline, and food, core retail sales actually rose only 0.1 percent. More [1]

Fixed Mortgage Rates in US on the Rise

The average for a fixed rate 30-year mortgage jumped more than half a point this week rising to 5.99 despite efforts by the US Federal Reserve to keep the cost of borrowing low to stimulate spending. More [2]

Canada to Run C$50 Billion Deficit

Declining tax revenues coupled with stimulus payments including billions earmarked for Chrysler and General Motors, will force Canada to run a C$50.2 billion ($45.6 billion) deficit for the current year. The long range outlook does not expect the government to return to a surplus before 2013. More [3]

GM Close to Naming Buyer for Saab

General Motors is expected name Swedish sports car maker Koenigsegg Automotive as the likely buyer of Saab. More [4]

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Scott Boyd

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