Forex News and Rumors – Afternoon Update

Canadian Housing Starts on the Rise

Canada Mortgage and Housing Corporation (CMHC) said today that the annual rate of housing starts in Canada rose to 140,700 units in June from 130,300 in May. CMHC also said that it expects housing starts to continue to improve to approximately 175,000 units per year. More

US Wholesale Inventories Fall for 9th Straight Month

The US Commerce Department announced today that wholesale inventories fell for the ninth straight month in May as weakening demand forces companies to cut production and layoff workers. Inventories fell another 0.8 percent in May compared to the 1 percent analysts predicted. More

White House Says Dollar Will Remain World’s Reserve Currency

White House Press Secretary Robert Gibbs told reporters today that the question of the US dollar remaining the world’s reserve currency did not surface at the G8 meeting and that as far as the US was concerned, the dollar would continue to hold its position as the currency of choice for foreign reserves.

“Despite whatever talk you might have heard, I don’t see that there is movement away from the notion of the dollar being that currency,” Gibbs told reporters at a briefing at the start of the second day of the three-day meeting in L’Aquila, Italy. More

Equities Expected to Rally Over Next 18 Months

CIBC – one of Canada’s “big five” banks – predicts that rising equity prices will help lift Canada out of recession over the next year and a half. More

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