Peter Frank News
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The dollar is moving more in tandem with stocks than any time since 2008 in a sign that traders are gaining confidence in the sustainability of the U.S. recovery.
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The euro strengthened for a second day against the dollar after an industry report showed German business confidence unexpectedly increased in May, adding to optimism the region’s biggest economy is improving.
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The pound slid to a six-week low against the dollar after a government report showed inflation slowed more than economists forecast, giving the central bank more room to boost stimulus that tends to weaken a currency.
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The dollar fell against the euro for a second day as comments from Federal Reserve policy makers fueled speculation Chairman Ben S. Bernanke will tell Congress tomorrow the pace of monetary stimulus should be maintained.
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The dollar rose to the strongest since August 2009 against the yen before a U.S. report that analysts said will show employers stepped up hiring last month, adding to signs the world’s biggest economy is gaining momentum.
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The pound weakened for a second day against the dollar before the Bank of England announces whether it will boost monetary stimulus for the first time since July.
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The yen rose from a four-month low against the dollar as disappointing U.S. corporate results and record unemployment in Spain boosted the allure of the relative safety of Japan’s currency.
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Ernst & Young LLP, in its role as former auditors for Lehman Brothers Holdings Inc. , was sued for civil fraud yesterday by New York Attorney General Andrew Cuomo, who becomes the state’s governor Jan. 1.
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The pound weakened for the first time in four days against the dollar and euro after an industry report showed U.K. employment confidence declined in January and as traders cut bets the currency would strengthen.
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The yen depreciated to its weakest level in 2 1/2 years against the dollar and euro amid speculation Prime Minister Shinzo Abe will select a new Bank of Japan governor who will boost monetary stimulus.
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