Crude Falls as Investors Take Profits
Crude oil prices fell as investors locked-in profits after yesterday’s jump in prices. By 2:30 in New York, light sweet crude for August delivery fell by 17 cents to $61.37 a barrel. More
CitiGroup Endorses Long Canadian Dollar Over Yen
CitiGroup Inc. is recommending a long Canadian dollar position against the yen citing an increase in risk tolerance and political uncertainty in Japan. A CitiGroup client note suggests that the Canada dollar / yen cross trade could reach 90 yen to the Canadian dollar – roughly a 7.5 percent gain over the current rate of 83.69 yen. More
UBS Says China’s Policies Will Weaken Dollar
Analysts with UBS today said that recent increases in China’s foreign reserves now topping $2 trillion, will increase pressure on the country to decrease the percentage of US dollars it holds, leading to an overall devaluation of the dollar.
“Over the long-term China’s policies are clearly unsustainable and supportive of our view that the dollar will structurally weaken over 2010 and 2011,†Brian Kim, a currency strategist in Stamford, Connecticut, wrote in a note yesterday. More
Iceland to Apply for EU Membership
One year after a deep economic meltdown and requiring emergency funding from the International Monetary Fund, Iceland’s parliament has voted in favor of applying for membership on the European Union. More
