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Day: June 23, 2010
June 232010
Dollar Falls as Fed Keeps Rates Low, Home Sales Slump
The U.S. dollar weakened today against the euro and the Japanese yen after the new home sales unexpectedly plunged ant the Federal Reserve kept the interest rates at the record low level. The housing market in the U.S. was showing signs of the weakness recently and today’s report about the new home sales wasn’t optimistic either. In fact, it showed really depressing slump from 446,000 in April to as low as 300,000 in May. That’s even more […]
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June 232010
Pound Goes Up on Outlook for Interest Rates Increase
The Great Britain pound rose today against the U.S. dollar and the euro on the speculation that the planned budget cuts wouldn’t damp the economic growth and after the Bank of England signaled that it might raise the interest rates. The speculations say that the emergency budget, devised by, the Chancellor of the Exchequer George Osborne, should preserve Britain’s top credit rating without strangling the economic growth. According to the minutes of the recent BOE meeting, the policy […]
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June 232010
Brazilian Real Drops as Mantega Curbs Appreciation
The Brazilian real went down today after the Finance Minister Guido Mantega said yesterday that the government intends to curb the currency’s gains. Mantega that the policy makers “have tools to prevent” the appreciation, “but there will be pressure”. This announcement wasn’t different from what the government was telling earlier, but the market participants became more pessimistic about the real as the intention to curb gains was confirmed. USD/BRL […]
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June 232010
Yuan Appreciates on Outlook for Flexible Exchange Rate
The Chinese yuan gained today on anticipation that the central bank would allow the currency more flexibility before Group of Twenty nation’s meeting this week. Other nations criticized China for setting strict boundaries to yuan’s movement. More flexible exchange rate will not only deflect the criticism, but also should curb the inflation and shift the economy from export-oriented status to service-oriented. USD/CNY traded near 6.8124 as of 9:45 GMT […]
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June 232010
EUR/USD Rises as U.S. Housing Market Shows Awful Results
EUR/USD advanced today after a sharp decline as the U.S. housing market continues to show terrible results. New homes sales posted a really depressing value. FOMC kept the low interest rates and hinted that it may keep the rates for a long time. EUR/USD trades near 1.2325 now. New homes sales release continued the streak of dissapointing results from the housing market, sinking to 300k in May from the negatively revised […]
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