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Positive Financial News Boosts Euro against Greenback

Positive sentiment in equity markets is dragging down the U.S. dollar against the euro ahead of the North American trading session.Risk appetite is emanating from the banking sector, following reports that Citigroup could have higher-than-expected earnings for the first quarter. According to an article in the New York Times, an internal memo from the bank said they earned more than $19 billion in the first two months of 2009.The news has helped the euro retrace some of

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Weaker Equity Markets Drag Down Canadian Dollar Against Greenback

The Canadian dollar is under pressure as North American equities open in negative territory Tuesday morning.With no major Canadian data expected to be released this week, currency strategists will look to equity markets for direction in the loonie. During the Asian trading session, USD/CAD reached a low of 1.2202 CAD, which appeared to be a strong support as the cross retested that level during the European session. The cross jumped higher just before the North American opening,

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Strong Equities Drag U.S. Dollar Lower Ahead of North American Close

The U.S. dollar started out strong, but is ending the day weaker across the board as equities prepare to close in positive territory for the third straight day.It has been a volatile day in FX markets as the Swiss National Bank announced that it would intervene in currency markets to depreciate its currency. While currency markets reacted to the central bank news, they shrugged off better-than-expected U.S. retail sales and another increase in U.S. weekly jobless claims.

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Morning Market Recap: Stocks Show Modest Gains Despite Lingering Uncertainty

North American stocks are showing modest gains Tuesday morning despite lingering uncertainty and negative sentiment in financial markets.Some strategists are not expecting the gains following the open to last.The Dow Jones industrial average is up 65 points to 7587, the S&P 500 is up 6 points to 793 and the Nasdaq is up 19 points to 1521.Canadian stocks are also higher, with Toronto's S&P/TSX composite index up 35 points to 8631.European stock markets are higher as well,

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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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Midday Market Recap: North American Equities Searching for Direction

With the major North American data out of the way, U.S. equity markets remain range bound.I think markets are consolidating at these levels and waiting for more news to find some direction, said Colin Cieszynski, market analyst from CMC Markets Canada. The Dow Jones industrial average is up 71 points to 7821, the S&P 500 is up 8 points to 822 and the Nasdaq is up 33 points to 1562.Canadian stocks are also higher with, Toronto's S&P/TSX

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Euro Under Pressure as Swine Flu and Banking Fears Grow

Concerns over the U.S. bank stress test and the swine flu continue to grip financial markets on Tuesday morning.The negative sentiment is dragging down global equity markets and helping to boost safe haven currencies. EUR/USD was stuck in a relatively tight range in overnight trading, but the cross is once again under pressure ahead of the North American open.The cross broke below the key level of 1.30 USD and, according to some strategists, the move could lead

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Late Drop in Equities Hurts Canadian Dollar

A late afternoon sell-off in U.S. equity markets is helping to drag the Canadian dollar lower against the greenback Wednesday afternoon.Wednesday started out as a quiet day in currency markets, but some confusion regarding comments from Treasury Secretary Timothy Geithner added volatility in the early part of the North American trading session.Broad weakness in the U.S. dollar following comments from Geithner caused USD/CAD to hit support at 1.2220 CAD. The cross has managed to recover and is

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