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Forex News and Rumors – Afternoon Update

U.S. becomes Citigroup’s biggest shareholder

One hundred ninety-seven years, one month and 14 days after its founding, Citigroup Inc has given a roughly 34 percent stake to U.S. taxpayers. More [1]

Wall Street hits fresh highs for year

US equity benchmarks were trading at new highs for the year on Thursday, as investors were increasingly optimistic that aggressive cost cutting by companies places them in a very profitable position once the economy recovers. More [2]Dollar, Yen Fall as Signs Recession Easing Damp Safety Demand

The dollar and yen fell against most of their major counterparts after a U.S. government report showed a third weekly reduction in the number of people collecting jobless benefits, boosting demand for higher yields.

Sterling rose versus the dollar as U.K. house prices advanced for a third month and global stocks rallied. New Zealand’s dollar declined by the most in two weeks versus the greenback on an intraday basis after the Reserve Bank said it may resume cutting borrowing costs as a rising currency threatens the economic recovery. More [3]

Dollar falls on stock strength

The U.S. dollar fell against a basket of currencies Thursday as a firmer tone in world equity and commodity markets eroded demand for the greenback as a safe haven.

U.S. stocks jumped following a string of stronger-than-expected quarterly corporate profits, while European shares rose in a rally led by financial stocks and crude oil prices advanced above $66 a barrel. More [4]

Oil jumps 5%

Oil jumped more than 5% to top $66 a barrel Thursday as economic data sparked fresh optimism that the recession may be bottoming out. More [5]

Cuomo report details bank bonuses

The report from Attorney General Andrew Cuomo’s office focused on 2008 bonuses paid to the initial nine banks that received loans under the government’s Troubled Asset Relief Program last fall. Mr. Cuomo has joined other government officials in criticizing the banks for paying out big bonuses while accepting taxpayer money. More [6]

US banks paid more in bonuses than income in 2008

Some of the banks which were bailed out by the US taxpayer paid bonuses paid to executives that were in excess of net income in 2008, according to a scathing report by the office of New York Attorney General Andrew Cuomo released this afternoon. More [7]

U.S. bill would restrict OTC derivatives holdings

U.S. financial regulators would gain the power to restrict holdings of over-the-counter derivatives under legislation to be considered this fall, the chairmen of two House committees said on Thursday. More [8]

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Alfonso Esparza

Alfonso Esparza [13]

Senior Currency Analyst at Market Pulse [14]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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