Forex News and Rumors – Afternoon Update

Falling Stocks and Oil Prices Drag Down Canadian Dollar

The Canadian dollar was down to $1.1761 per US dollar at noon today in Toronto from yesterday’s close of $1.1724. Analysts blamed falling commodity prices and a drop in crude oil prices to which the Canadian dollar is closely tied. More

Sterling Approached Four-Month High Against the Dollar

The British pound gained nearly a full percent against the US dollar today, closing in on a four-month high of $1.5119 just after 5:00 PM in London.

“I’m reasonably confident we’ve passed the low point, and that’s underpinning the resilience in sterling,” said Jeremy Stretch, a senior currency strategist at Rabobank International in London. More

Bernanke: Economy Will Grow This Year But Unemployment to Rise

US Federal Reserve Chairman Ben Bernanke testified before Congress’ Joint Economic Committee today saying that the economy is poised to return to positive growth later this year. He also warned that unemployment could continue to increase even after a recovery begins. More

Wall Street Falls on Profit -Taking

Stock markets in North America were down today as investors locked-in profits accumulated over the past few weeks. In addition to the sell-off, others remained on the sidelines waiting for two big news events this week that could set the tone for the first half of May – the results for the US bank stress tests will be made public on Thursday and on Friday, the April employment data will be released. More

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