Day: July 8, 2008

July 8
2008

Dollar Gains on Growth in Wholesale Inventories, Bad Report on Housing and Bernanke’s Speech

The EUR/USD currency pair declined today before and after the macroeconomic releases that were scheduled for today and even after the speech by the Fed’s Ben Bernanke. In his speech Bernanke said that he will prolong the emergency-loan program for the banks into 2009. This will probably mean less interest rate hikes as it would be hard for the FOMC to raise rate […]

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July 8
2008

Yen Advances on Stocks Downfall

The Japanese yen rose against all other major currencies today on Forex as the stock markets declined in Asia and Europe, while the investors became concerned about more losses from the mortgage crisis worldwide. The yen also advanced significantly against its carry trade counterparts — such as Australian and New Zealand dollars. In carry trade investors borrow cheap Japanese yen to buy […]

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