by: iForex
The yen advanced to a six-week high against the euro after the World Health Organization said the swine flu outbreak is no longer containable, triggering demand for safer assets. Japan’s retail sales fell for a seventh month in March as worsening job prospects and declining wages prompted households to cut spending. Investors fled investments in air, land and sea on Monday as fears of a flu pandemic rekindled memories of the Asian SARS crisis that caused widespread industry turmoil six years ago. General Motors unveiled an accelerated overhaul plan Monday aimed at staving off bankruptcy by giving effective control of the ailing automaker to the US government and its main union. Oil prices fell sharply Monday on fears that an escalating swine flu crisis could further dampen economic activity and impact energy demand. U.S. Treasuries rose in price on Monday as worries that an outbreak of swine flu may become a pandemic fed a bid for safe-haven government debt, offsetting jitters over this week's record $101 billion load of new bond supply. The market pared gains after a $40 billion auction of 2-year notes but quickly regained its footing. The ideal interest rate for the US economy in current conditions would be minus 5 per cent, according to internal analysis prepared for the Federal Reserve’s last policy meeting. The staff research suggests the Fed should maintain unconventional policies that provide stimulus roughly equivalent to an interest rate of minus 5 per cent. European Central Bank Governing Council member Ewald Nowotny said the ECB is prepared to expand its range of policy tools if necessary to ease the flow of credit through the economy.
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FX BONUSES & PROMOTIONS
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Live Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0002 | 1.3283 | 1.32 |
|---|---|---|---|
| AUD/USD | 0.0053 | 1.0777 | 1.0684 |
| EUR/GBP | -0.0003 | 0.8401 | 0.8368 |
| EUR/JPY | -0.08 | 103.17 | 102.28 |
| GBP/USD | 0.0007 | 1.5826 | 1.5761 |
| USD/CAD | -0.0014 | 1.0015 | 0.9975 |
| USD/CHF | -0.0005 | 0.9159 | 0.9106 |
| USD/JPY | -0.04 | 77.77 | 77.41 |
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