There were no coordinated moves in the currency market today with the dollar rising against the Euro, British pound and Japanese Yen but falling against the commodity currencies. US stocks oscillated between positive and negative territory as bleak forecasts from the Federal Reserve offset optimism from President Obama’s Mortgage Plan. It is quite discouraging that the financial markets have not responded positively to the numerous programs announced by Obama since he has taken office. Apparently he is not as effective in bolstering investor confidence as he has been in boosting public confidence prior to his election.

The US dollar soared to a 6 week high against the Japanese Yen after President Obama announced a $75 billion foreclosure prevention program. This breaking news came less than an hour after housing market data hit record lows.