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Day: June 24, 2010
June 242010
New Zealand Dollar Drops After Yesterday’s Surge
The New Zealand dollar weakened today on the speculation that it rallied yesterday too much and after the forecast about the slow economic grow proved true. The New Zealand dollar surged yesterday after the Federal Reserve kept the interest rates at the record low level. This news ignited the optimism for the kiwi (as the New Zealand currency commonly nicknamed) as the difference between the low rates in U.S. (between 0 and 0.25 percent) and the high interest […]
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June 242010
Japanese Yen Rises on Concerns for Economic Recovery
The Japanese yen extended its gains against the euro and the U.S. dollar today as the concerns that the economic recovery in the U.S. and Europe may slow fueled the demand for the safety. The Stoxx Europe 600 Index of European shares dropped 1 percent. The Federal Open Market Committee said in its statement: Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad. The pace of economic recovery is likely […]
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June 242010
Aussie Gains on Outlook for Mining Tax Revision
The Australian dollar rose today against its New Zealand counterpart as the speculation arose that the government will make changes to the planned mining tax after the Prime Minister Kevin Rudd resigned. Ruddâs popularity was shattered after he proposed the 40 percent tax for the mining companies from 2012. Julia Gillard, Rudd’s successor, said that she was âthrowing open the governmentâs doorâ to negotiate the mining tax with […]
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June 242010
EUR/USD Declines After European Equities Fell
EUR/USD currency pair declined today on growing concerns about European debt crisis as European equities fell today. U.S. macroeconomic data was generally neutral today and without unexpected results. EUR/USD trades currently near 1.2294. Initial jobless claims was at the seasonally adjusted rate of 457k in the week ending June 19, a decrease from the previous week’s revised figure of 476k. Markets participants expected a decline to 461k. Durable […]
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