Investors worries over the ability of Greece, Spain, and Portugal to repay debts.
Data shows U.S. unemployment claims increase. Also, during the Apr. 08 to Mar. 09 time period, there were ~ a million more jobs lost than previously reported.
Commodity prices plunge, with oil down 5%, copper off 3.2%. Oil consumption among OECD countries, which dominate world oil consumption, remains below levesl from a year ago. Supplies have been growing faster than demand.
S&P500 adds to its woes, dropping 3.1%, bringing losses to 7.6% since its peak in January – representing the worst correction since the rally began in March.
The New York Attorney General is suing Bank of America (BoA) and two of its top executives for an ‘enormous fraud’ on taxpayers and shareholders over the bank’s 2008 acquisition of Merrill Lynch.
Translation: Investors flock to the U.S. dollar, sending it to a seven-month high, the loonie to the lowest level since November, and giving a boost to the USDCAD pair.
