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Day: May 19, 2010
May 192010
Germany’s Ban Caused Traders to Panic, Loonie Down
The Canadian dollar weakened today against some other most traded currencies, including the U.S. dollar, the euro and the Japanese yen, after the decision of the Germany’s leaders to prohibit naked short selling caused the risk sentiment to deteriorate and the investors to shun the riskier assets. In short sales the speculators borrow the assets, betting on the futures decline of the prices, while in naked short sales the borrowing of the actual assets doesn’t occur, allowing unlimited bets. The Germany’s leader […]
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May 192010
Hopes for Sensible Actions of EU Governments Make Euro Stronger
The euro strengthened today against other most traded currencies on the hopes that European Union’s governments will take measures to ensure that the common European currency retain its strength. The Germany’s ban of the short selling, which curbed the currency’s strength earlier, wasn’t supported by other European countries, even though Angela Merkel, the Chancellor of Germany, tried to persuade other European leaders that such measures are necessary to preserve […]
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May 192010
Central Bank May Encourage Depreciation of New Zealand Dollar
The New Zealand dollar dropped today on the concern about the impact of Germany’s ban of short selling on the European economy and after the Governor of the central bank said that the gradual depreciation of the currency is desirable. The statements of the New Zealand’s central bank policy makers caused speculation that the bank isn’t going to increase the interest rate soon and that they may encourage the depreciation of the currency. Alan Bollard, the Governor of the Reserve Bank of New Zealand, […]
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May 192010
Struggling U.S. Economic Recovery Pushes Up EUR/USD
EUR/USD currency pair went up today, after experiencing some volatility, on speculation that European Union’s leaders will take measures to protect the region’s currency and after the U.S. economy showed signs of the struggling recovery. The increasing number of foreclosures and higher unemployment in the U.S. cause worries that the recovery pace won’t be sustained. EUR/USD trades currently at 1.2351. Consumer Price Index (CPI) declined 0.1% in April, while it […]
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May 192010
Polish Zloty Declined After Germany Applied Bans of Short Selling
The Polish zloty was weakened today as the concerns about the outcome of the debt crisis in the European Union increased after Germany banned short selling. Naked short sales for the 10 banks and insurers as well as short sales of the Euro-zone government bonds were banned. The ban caused concern that the investors won’t be able to hedge the European holdings, weakening the currencies in the Central and Eastern Europe. USD/PLN traded at 3.3383 up from its opening […]
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May 192010
Loonie Goes Down on Lower Oil Prices & German Bans
The Canadian dollar fell against its U.S. counterpart and the Japanese yen after Germany banned some kinds of the investments, causing the North American stocks to drop and oil prices to go down. The ban will be applied to naked short selling and naked credit-default swaps of the Euro-zone government bonds at midnight and also to naked short selling in shares of 10 banks and insurers. The ban should last until March 31 of the next year. The reason […]
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