U.S. Dollar Gains Against Japanese Yen in Currency Trading on Foreclosure Prevention Plan

Even though the economic stimulus bill has been passed, there are additional measures being unveiled to further the cause of economic stimulus in order to prevent what Alan Greenspan claims is likely to be the worst recession since the 1930s.

One of these measures is a foreclosure prevention plan. The details are expected later today, but the plan is expected to be a $75 billion program aimed at preventing foreclosure as a vital part of economic stimulus. The foreclosure prevention plan, as touted, is supposed to help 9 million homeowners refinance to lower interest rates, thereby reducing their monthly payments to something that is more manageable.

The announcement of the plan has reversed the dollar's fortunes against the Japanese yen in currency trading. The U.S. dollar is now at a six week high against the yen in forex trading, as cautious optimism chooses to focus on the future, rather than the current data showing tales of housing market woe.