Forex News and Rumors – Afternoon Update

Unexpected Lower Inventories Pushed Oil Prices Higher

A report from the Energy Information Administration said that US oil inventories fell by more than 8 million barrels last week, prompting a turnaround in oil prices. Benchmark crude for September delivery added $1.25 to $70.44 a barrel on the New York Mercantile Exchange. More

Dollar Falls as Stock Rebound Reduces Demand for Safety

The dollar fell against the euro today as a surprise upswing in North American stock markets helped ease investor concern over falling stocks in China. The dollar declined 0.8 percent to $1.4253 per euro at 2 p.m. in New York, from $1.4136 yesterday. More

Canadian Dollar Marks Second Day of Gains

For the second day in a row, the Canadian dollar gained on its US counterpart, appreciating 0.3 percent to C$1.0974 per U.S. dollar at 12:45 p.m. in Toronto, from C$1.1011 yesterday.

“The correlation between the Canadian dollar and equities is really strong right now,” said Maria Jones, a currency trader at TD Securities in Toronto. “When equities go up traders are taking on more risk, and risk-linked currencies like the Canadian dollar tend to go up against the dollar.” More

Analyst Predicts S&P 500 to Gain 6% by Year’s End

Robert Doll – global chief investment officer at BlackRock Inc. – said today that the S&P 500 index could gain 6 percent by the end of the year.

“Our guess is starting this quarter, the third quarter into the fourth quarter, we will have positive real and nominal GDP, permitting some revenue growth,” Doll said in a Bloomberg interview broadcast on radio and television. More

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