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Day: June 22, 2010
June 222010
Britain’s Budget Cuts Won’t Strangle Economy, Pound Strengthens
The Great Britain pound rose against the U.S. dollar today after Fitch Ratings positively commented on Britain’s government efforts to curb the budget deficit; versus the Japanese yen the sterling performed not so well as the demand for the safety still supports the Japanese currency. The U.K plans the levy on banks and increase of the sales tax in order to battle its record budget deficit. These measures should preserve the nation’s top credit rating without […]
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June 222010
Canadian Dollar Regains Strength as Bets on Rates Increase Rise
The Canadian dollar erased its yesterday’s losses versus the U.S. currency and extended its rally against the euro as the inflation were near the forecasted value, causing the speculation that the central bank would increase the interest rates. The annual inflation dropped to 1.4 percent last month from 1.8 percent in April, the core rate (excluding most volatile items) fell from 1.9 percent to 1.8 percent. The results were pretty near […]
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June 222010
Demand for Safety Drives Japanese Yen Higher
The Japanese yen rose today on the speculations that European crisis strengthens as some E.U. banks face the funding problems, increasing the appeal of the yen as the safe currency. Christian Noyer, the European Central Bank governing council member, said yesterday: some banks have started facing increasing funding problems. The situation reflects a general state of uncertainty which, left unchecked, could have significant consequences on financial stability. The Great Britain is […]
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June 222010
EUR/USD Decline Continues as Concern for E.U. Economy Strengthens
The surge of optimism, brought by signs that China plans to relax yuan’s peg to the dollar, was short-lived and hasn’t helped the euro much. On the other hand, credit rating of BNP Paribas, which was decreased by Fitch Ratings from AA to AA-, reignited fears that the debt crisis will strangle European economy. News from the U.S. weren’t supportive to the dollar, though, as housing sector continues to show signs of weakness. Therefore, the decline […]
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June 222010
Yuan Retreats as Central Bank May Intervene to Curb Gains
The Chinese yuan retreated today, after it gained yesterday on the signals of the end for the dollar’s peg, as China’s central bank might intervene to curb the currency’s appreciation. Yesterday China signaled that it may allow more flexibility in the exchange rate of its currency to deflect the accusations of its trading partners and to keep in check the growing inflation. The Peopleâs Bank of China prefer the gradual appreciation, though, and ready to curb any “excessive” gains. USD/CNY […]
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June 222010
Loonie Falls vs. Greenback, Strengthens vs. Euro & Yen
The Canadian dollar fell against its U.S. counterpart today on the renewed concerns about the European debt crisis, but sustained its gains versus the euro and the Japanese yen after China signaled that it might end the yuan’s peg to the U.S. dollar, bolstering the confidence in the growth-linked currencies. On the positive side today we have, together with the news from China, rising commodity prices. Crude oil traded near $77.54 […]
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