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Forex News and Rumors

CIT Announces Rescue Plan Details

CIT Group Inc. – a major provider of loans to small and medium-sized businesses – announced that the company’s board has approved a deal with a group of bondholders that will help the company stave off bankruptcy. The deal will provide $3 billion in emergency funding and allow CIT to complete a debt exchange replacing current outstanding bonds with new bonds that mature at a later date. More

Stock Market Gains Hurt Dollar

A surging stock market has increased risk appetite in the markets enticing investors to seek higher-yielding currencies at the expense of the dollar and the yen.

“The emergency loan for CIT obviously helped all risky assets, pushing up stock markets and risky currencies,” said Philipp Nimmermann, a currency strategist at BHF-Bank AG in Frankfurt. “It’s all stock-market driven.” More [1]

Oil Rally Triggered by Better-Than-Expected Corporate Results

Oil prices rebounded in Europe this morning as a string of corporate earnings reports exceeding expectations helped lift investor optimism. Crude for August delivery rose more than a dollar by mid-day in Europe to $64.63 a barrel. More [2]

Iceland Struggles to Save Banks

Iceland’s government is committing more than $2.1 billion to provide financial support to resurrect its banking system. In October of last year, Iceland’s three largest commercial banks collapsed owing $60bn to foreign lenders. More [3]

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Scott Boyd

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