Evening Market Wrap

Evening Market Wrap Wednesday, October 12, 2011, 17:01 Contents Commentary Forex Top Story Political News Commentary Stocks Post Strong Gains Amid Optimism About Europe - U.S. Commentary Stocks showed a notable move to the upside during trading on Wednesday, extending the strong upward move seen in recent sessions. The markets continued to benefit from optimism about a possible resolution to the European debt crisis. (Oct 12, 2011) Full Article Forex Top Story Dollar Mixed As Risk Appetite Picks Up The dollar tumbled further versus the euro on Wednesday, after European Commission President Jose Manual Barroso presented a plan for recapitalizing Europe's banks. Hopes that European officials can protect the region's fragile banking system from the impact of a Greek default have given the euro a big boost this week. Meanwhile, Slovakia's parliament appeared to reach a compromise deal to approve an expanded bailout fund for its profligate neighbors. The dollar dropped to $1.3815 versus the euro, its lowest since mid-September. Only nine days ago the dollar hit a 9-month peak of $1.3144. On the other hand, increased risk appetite helped the dollar surge out of a stubborn range versus the safe haven yen. The buck jumped to a monthly high of Y77.35, away from a record low 75.94 set back in August. The Federal Reserve has grown increasingly concerned about the pace of the anemic U.S. recovery, according to the minutes of the central bank's interest-rate setting committee meeting on Sept. 20-21 released Wednesday. At that meeting, the Fed announced Operation Twist - a plan to flatten the yield curve by swapping $400 billion of short-term notes for longer-duration securities. The economy is not on the verge of a double-dip recession despite sluggish and uneven growth, voting member Charles Plosser said today in a speech in Philadelphia. Elsewhere, industrial production in the Euro zone increased unexpectedly in August, data released by Eurostat showed Wednesday. This was the second consecutive increase after a marginal decline in June. The seasonally adjusted industrial output increased 1.2 percent on a monthly basis in August, following an upwardly revised 1.1 percent rise in July. Economists expected a 0.8 percent fall. (Oct 12, 2011) Full Article Political News Obama Honors Americans Of Latino Heritage, Continues To Push Jobs Bill President Barack Obama Wednesday hosted a forum to honor Americans of Latino heritage and the contributions they've made to the United States. Speaking at the Interior Department, Obama said that the nation's diversity has always been one of its greatest strengths. "We are richer because of the men and women and children who've come to our shores and joined our union," Obama said. (Oct 12, 2011) Full Article Home | Top Stories | Breaking News | Economic News | Forex | Politics | Featured Interviews Sent to autoforextradingpro@gmail.com | Customize your alerts | Unsubscribe Copyright © 2011 RTTNews. All rights reserved. By using this service, you agree to the Terms of Service