Dollar rallied versus the Euro and fell against the Yen
Today,Economic News about Pending home sales rose 5.3% in March after climbing 8.3% in February. A consensus of economists surveyed by Briefing.com expected sales to increase 5%.And The dollar rallied versus the euro and fell against the yen.On worries that the global recovery could suffer if Europe’s efforts to contain Greece’s debt problems don’t succeed, and if China’s efforts to slow its booming economy go too far.Bond prices rallied, lowering the corresponding yields, as investors sought the comparative safety of government debt. The euro fell to a new yearly low versus the dollar, pummeling dollar-traded energy prices and stocks.From CNN News that The Greek bailout package, funded jointly by the European Union and the International Monetary Fund, seemed to set a template for other bailouts, should they be needed. Greece is one of the so-called PIIGS — five European nations with heavy debt loads that investors fear could destabilize the euro and slow global growth should they all default. Portugal, Italy, Ireland and Spain are the other four.But relief about the plan turned to worries about its execution Tuesday on concerns that not all of the 15 other euro zone nations would be willing to get on board. Influential Germany said Monday it would commit to loaning $40 billion to Greece over the three years, but it’s not yet clear whether the whole group will be willing to participate. In addition, such a substantial commitment could limit European leaders should other nations need a comparable bailout.
