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Sterling Dragged Lower across the Board as Financial Problems Grow

Concerns over the banking sector and the global economy are helping to put major pressure on sterling.Among G-10 currencies, sterling is the worst performer against the U.S. dollar. Following the open of the North American trading session, cable hit a session low at 1.3743.Currency strategists said concerns over the financial sector are primarily responsible for the pound's underperformance. UK bank Lloyds has agreed to give over control of Britain's largest mortgage provider to the government in exchange

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US May 15 MBA Mortgage Applications rise a 2.3%

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Fed's Duke Says Poor Neighbourhoods Need Lending to Survive

Federal Reserve Governor Elizabeth Duke defended the Community Reinvestment Act in a speech on Tuesday in Washington.I am still surprised at the misperceptions that persist about it, she said.The CRA was created in 1977, designed to encourage banks to lend in low- to middle-income areas. Some have blamed the act for causing the subprime mortgage crisis, which saw countless mortgages awarded to people who couldn't afford them.She said any revamping of the Act must be transparent.Duke also

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Fed Expands Collateral for TALF

The Fed expanded the securities it will accept for its short-term lending program just hours before the revamped plan was set to begin.The program is designed to free up capital for lending by purchasing securities backed by high-quality assets from financial institutions. The Fed plans to spend about $1 trillion in the program.In a release on Thursday, the Fed said it will accept securities backed by mortgage servicing advances, securities-backed loans or leases relating to business equipment,

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Euro down on ECB comments

FXstreet.com (Buenos Aires) - With dollar up on risk aversion, triggered by fears of a pandemic swine flu (with 150 cases in Mexico, 40 in the U.S., and some cases in the U.K, Spain, and New Zealand), Euro was the bigger loser today, falling as far as 1.3000. The hegemonic currency fell also after ECB Council member Ewald Nowotny said euro zone rates will stay low for a long time and the ECB is ready to use quantitative easing measures

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Yen Higher as Japanese Government Mulls its Own PPIP

The yen is higher Friday after Nikkei News reported that the government is looking at setting up its own public-private investment fund.The program could be worth up to ¥900 billion, and comes just one week after the government unveiled a third stimulus package for the economy.As well, People's Bank of China Deputy Policy Bureau Director Lee De said the central bank will maintain a moderately loose monetary policy stance, while speaking at an event in Beijing on

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Swiss Franc / Cyprus Pound converter (SWITZERLAND, LIECHTENSTEIN / CYPRUS)

Swiss Franc / Cyprus Pound converter (CHF / CYP) will convert the currency of SWITZERLAND, LIECHTENSTEIN in currency of CYPRUS with the actual exchange rate.

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Market Watchers Not Ready to Castoff U.S. Dollar

Fears of runaway inflation battered the U.S. dollar after the Federal Reserve's announced quantitative easing measures on Wednesday, but market watchers say it's far too soon to expect protracted U.S. dollar weakness.Quantitative easing involves printing money in order to lower lending costs through asset purchases. It is nearly universally regarded as a currency negative.The reaction following the announcement that the Fed will by $1.15 trillion of mortgage-backed securities, agency debt and Treasury securities was unmistakable. In the

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