Forex News and Rumors – Afternoon Update

New US Home Sales Jump 9.6%

In another sign that the economy could be on the mend, new home sales in July jumped 9.6 percent to a seasonally-adjusted 433,000 units. More

“Cash for Clunkers” Drives 700k New Sales

Almost 700,000 new cars were sold as part of the so-called “cash for clunkers” program that cost the US government $2.88 billion. Japanese automakers accounted for 41 percent of the new vehicle sales, while North American automakers General Motors, Ford and Chrysler, which had a share of nearly 39 percent. More

US Mortgage Applications on the Rise

The Mortgage Bankers Association said today that applications for mortgages rose for a second straight week as homeowners attempt to refinance loans to take advantage of lower interest rates. More

Canadian Dollar Weakens on Flagging Optimism

Fears that a rally in higher-yielding currencies may have been exaggerated combined with retreating oil prices, conspired to weaken the Canadian dollar today. More

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