Day: June 9, 2010

June 9
2010

Economic Recovery Bolsters Canadian Dollar

The Canadian dollar’s rally extended today for the second straight day against the U.S. dollar and the Japanese yen and for the third consecutive day versus the euro as the equities gained and the prices for crude oil, the main nation’s export, increased, spurring the demand for the currencies tied to growth. The Standard and Poor’s 500 Index rose by 1.1 percent. The expanding U.S. economic recovery drained the oil inventories, boosting the demand. July delivery for crude oil advanced by 3.8 percent. […]

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June 9
2010

Euro Gains for Second Day, but Will Rally Be Sustained?

The euro rose today against the U.S. dollar and the Japanese yen for the second straight day on the rising commodity prices and the equities. The European stocks gained on the report that China’s exports jumped 50 percent from the previous year, giving hope that the global economic recovery will continue despite of the European woes. Germany and France attempts to convince other EU leaders to ban the naked short sales of some stock and bonds as Angela Merkel […]

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June 9
2010

Yen Strengthens of European Concerns

The Japanese yen strengthened today as the traders worry about the impact of the sovereign-debt crisis in Europe, increasing the appeal of the safer currencies. The investors are concerned about the U.K. economy after Fitch Ratings said that the formidable challenges lay ahead for the Britain’s economic recovery. The European Union problems also boost the risk aversion sentiment, as the efforts of the European leaders to stem the spread of the fiscal crisis haven’t convinced the traders, driving them to seek the perceived […]

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June 9
2010

Hungarian Forint Gains on Pledge to Avoid Default

The Hungarian forint gained today for the third consecutive day after Hungary’s government pledged to cut the budget shortfall, easing the concerns about the possible default. Hungary, the first member of the European Union received the international bailout, needs to cut the budget deficit to 3.8 percent in 2010 from the last year’s 4 percent. The government’s pledge to take actions in order to avoid the default eased the concerns somewhat, but not all economists were convinced […]

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June 9
2010

Euro Rises Against Dollar for Second Day

The euro managed to rise against the dollar for a second day as stocks and commodity prices rise. The statement of Federal Reserve Chairman Ben Bernanke that the U.S. economic recovery is restrained by the housing and commercial real-estate markets haven’t supported the greenback either. EUR/USD trades near 1.2050 now. Wholesale inventories posted an increase by 0.4% in April, following the previous revised increase by 0.7%. The trader expected a growth by 0.6% Crude oil inventories decreased […]

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