Kathy Lien News
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The Dollar Index snapped a five-day rally, the longest since February, after weaker-than-forecast reports on U.S. unemployment claims, housing and inflation damped bets the Federal Reserve will slow its bond purchases.
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GFT Forex, an online-currency brokerage that focuses on individual investors, said strategists Boris Schlossberg and Kathy Lien will leave the company in June to form their own asset-management firm.
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The euro gained the most in almost three months against the dollar as European Central Bank President Mario Draghi said policy makers were “ready to act” after leaving their benchmark rate at a record low.
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The dollar dropped against all of its 16 most-traded counterparts except the yen as investors speculated the Federal Reserve still may take further steps to spur the nation’s economic recovery.
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The yen rose against the dollar and euro as concern the rate of global economic growth is slowing spurred demand for safer assets as the nation approaches its fiscal year end.
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The yen surged to the strongest in more than eight years versus the euro on concern that slowing growth in China will hurt economic recovery and European banks face higher rates when they refinance central-bank loans.
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Canada’s dollar rose for a second consecutive day after Greece signaled that it won’t hold a referendum on its financial rescue, encouraging demand for higher-yielding assets.
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The following are the day's top business stories:
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The dollar fell to the weakest level against the euro in seven weeks as jobless claims rose to a one- month high, increasing speculation that the Federal Reserve will seek to stimulate economic growth.
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The dollar weakened against most of its major counterparts after Federal Reserve Chairman Ben S. Bernanke kept the door open to doing more to prop up the U.S. economy if necessary, damping demand for the currency.
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