Monday April 6 2009

Currencies

Yen Trades Near Five-Month Low as Economic Outlook Reduces Safety Demand The yen touched a five-month low against the euro and dollar on bets the worst of the global economic slump may soon be over, reducing demand for a refuge.

Pound Climbs Against Dollar, Yen as Bank Stocks Jump After HSBC Share Sale The pound advanced against the dollar after a stock sale by HSBC Holdings Plc stoked optimism the worst of the financial turmoil may be easing, boosting risk appetite and sending bank shares higher.

Loonie Loses 3% as Traders See Carney Pushing Canada to Quantitative Ease Foreign-exchange traders are stepping up bets Bank of Canada Governor Mark Carney will join Japanese, Swiss, U.K. and U.S. central bankers and dilute the nation’s currency by embracing quantitative easing.

U.K. Pound Retains `Ability to Collapse' on Economy, MIG Investments Says The pound may tumble amid persistent “economic problems” in the U.K., MIG Investments SA said.

Indonesia's Boediono Says Rupiah May Strengthen as Polls Buoy Investment Indonesia’s central bank Governor Boediono said the rupiah will strengthen by the year-end as investors return to the world’s third-largest democracy after peaceful elections. The currency surged.

Citigroup Plans to Sell Euro on Fibonacci Retracement: Technical Analysis Citigroup Inc., the world’s fourth- biggest trader in foreign-exchange markets, said it will sell the euro against the dollar after the 16-nation currency approached a so-called resistance based on Fibonacci numbers.

Canada's Dollar Depreciates for First Day in Five Before Employment Report Canada’s currency weakened for the first time in five days on speculation a report this week may show the nation lost jobs for a fifth consecutive month and on concern the central bank may print money to buy debt assets and ignite growth.

Australia, New Zealand Dollars Rise on Expectation Equities to Extend Gain The Australian and New Zealand dollars traded near the highest in three months as regional equities extended the longest stretch of weekly gains in U.S. stocks since 2007.

Asian Currencies: Korea Won, Rupiah Lead Rally as Risk Improves in Stocks Asian currencies rose, extending a five-week advance, on optimism thawing global credit markets and rallying stocks will encourage investors to boost holdings of emerging-market assets.

Indonesia Rupiah Extends 4-Week Advance as Global Funds Seek Higher Yields Indonesia’s rupiah rose to a two- month high on speculation overseas funds will seek higher yields after Federal Reserve Chairman Ben S. Bernanke said policies to unlock credit markets are working. Bonds advanced.

Mexican Currency Declines for the First Time in Six Days on Reduced Demand Mexico’s peso fell for the first time in six days on concern new worldwide government measures to shore up the global financial system are insufficient, hurting demand for higher-yielding, emerging-market assets.

Brazil's Currency Declines as Importers Buy Dollars After Four-Day Rally Brazil’s real fell for the first time in five days as companies bought dollars to pay for imported goods.

2.04.2009

Protests at Rite Aid drugstores on April 3 will highlight employer abuse and need for Congress to pass the Employee Free Choice

Massachusetts Jobs with Justice will hold seven protests in front of Rite Aid drugstores on Friday, April 3 from 4:00 to 6:00 PM.

Groups organizing the protest say that the Rite Aid drugstore chain has been abusing the rights of employees – and provides a "textbook example" of why Congress should pass the "Employee Free Choice Act," reform legislation that would better protect employees who want to form unions by limiting employer interference in the process.

President Barack Obama has promised to sign the new legislation, but big business groups are trying to kill the measure with a $100 million dollar lobbying campaign.

The Massachusetts protests are part of dozens of actions scheduled for April 2 and 3 at Rite Aid stores. Organizers say that Rite Aid and other employers routinely threaten and fire workers who try to exercise their federal right to have a labor union. Western Mass. Jobs with Justice leafleted Rite Aid stores in Springfield, Easthampton, and Greenfield on April 2. Fourteen similar protests took place on February 13 in California, Oregon, Washington and Pennsylvania.

In 2007, the federal government was prepared to charge Rite Aid with 49 labor law violations for threatening and firing employees at the company's distribution center in Lancaster, California, which employs more than 500 workers. Flaws in federal labor laws allowed the company to evade the violations with only a slap on the wrist and promise to behave in the future.

Jobs with Justice is a community-labor coalition that links workers' struggles to help build a larger movement for social and economic justice.