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Bernanke urges Congress to address Bush tax cuts
(Reuters) - Federal Reserve Chairman Ben Bernanke on Tuesday warned Congress that putting off a decision on the fate of expiring Bush administration tax cuts could unsettle businesses and households, undercutting the U.S. economic recovery.
With presidential and congressional elections looming in November, many analysts think Congress is unlikely to act until the final months of the year. The tax cuts expire on January 1.
Bernanke told the Senate Budget Committee that lawmakers might not have ...
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Euro leaps to eight-week peak vs dollar on Greece deal optimism
(Reuters) - The euro rallied across the board on Tuesday, hitting an eight-week high against the dollar on optimism that Greece is about to agree on a bailout deal that will enable it to avoid a messy default.
A Greek official's statement suggested that the Greek government has completed negotiations with lenders on its 130 billion-euro rescue package, although agreeing to the painful austerity measures that come with the bailout could be a challenge.
Greek political leaders had balked at the ...
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EU raids power bourses on antitrust concerns
(Reuters) - European Commission officials raided the offices of two electricity exchanges on Tuesday following concerns their planned tie up may infringe European competition laws, the companies said.
Paris-based EPEX Spot and Norway's Nordpool Spot, which offer short-term electricity trading platforms for French, German, Austrian, Swiss and Scandinavian power, in September announced plans to create a joint exchange which would cover more than half of Europe's spot electricity trades.
"Yes, ...
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Euro scales 8-week peaks on optimism over Greek deal
(Reuters) - The euro gained across the board, hitting eight-week highs against the dollar on Tuesday, after a Greek official said the government is drafting an agreement on a bailout deal that will be put before political leaders for approval later in the day.
The official's statement suggested that the Greek government has completed negotiations with lenders on its 130 billion-euro rescue package, although agreeing to the painful austerity measures that come with the bailout could be a ...
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Aussie Jumps to Six-Month Record as Stevens Surprises Traders
The Australian dollar climbed today, erasing yesterday’s losses versus the US dollar and the Japanese yen and reaching the highest level in six months against the greenback, after the Reserve Bank of Australia surprised Forex traders by keeping its interest rates unchanged.
The Australian currency was falling yesterday as a report showed that retail sales fell 0.1 percent (on a seasonally adjusted basis) in December from November. Another reason for the drop was a deteriorating sentiment about ...
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Gold rebounds as draft Greek deal lifts euro
(Reuters) - Gold prices bounced back into positive territory on Tuesday, paring earlier losses in line with a rallying euro after a Greek official said the government is drafting an agreement on a second bailout.
Spot gold was up 0.3 percent at $1,723.89 an ounce at 1502 GMT (10:02 a.m. EST), having earlier fallen as low as $1,709.29 an ounce, while U.S. gold futures for February delivery were up $1.70 at $1,726.60.
A Greek government official said Greece's government is preparing the text of ...
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Euro Holds Steady as Traders Await News from Greece
Euro is holding steady right now as Forex traders wait for news about what’s next for Greece. Financial markets around the world are waiting to see whether or not Greece will accept the austerity measures that are required for a bailout. If Greece accepts, 130 billion euros will be offered and the country will avoid default. If Greece refuses the austerity measures, it could mean a default — and the destabilization of the entire eurozone.
Right now, there is just enough hope that the deal will ...
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Free Daily Price Action Forex Trading Strategies & System
The Forex: Gold Rises As Fed Extends Its Plan To Keep Interest Rates Low
THE FOREX
In the forex market, American dollar gained again the euro after mixed economic data. According to Commerce Department data, bookings for long-lasting goods advanced 3% after rising 4.3% the prior month, this is the biggest back-to-back gains in almost a year. Figures from the Commerce Department showed Purchases of single-family properties decreased 2.2% from the prior month to a 307,000 annual pace. Latest ...
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Euro slips as Greek deal optimism runs thin
(Reuters) - The euro slipped against the dollar on Tuesday but stayed within its recent range as investors waited to see whether Greece will agree to painful austerity measures that are crucial for a rescue package to avoid a messy debt default.
Optimism over Greece waned during the European session, dragging stocks and risk-sensitive currencies including the Australian dollar down from their highs.
For Greece, failure to secure the 130 billion euro ($170 billion) rescue would mean it faces a ...
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