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Day: August 24, 2010
August 242010
Pound Falls to New Lows as BoE Expects Recession
The Great Britain pound fell to its one-month low against the USD and to the 3-month low against the yen, following the comments of the country’s monetary officials and the global bearish trend for the riskier assets. According to the interview given to The Times by Martin Weale (a member of the Monetary Policy Committee of the Bank of England), the risk of the continuation of the recession is quite strong and there are chances that the 4-quarter growth value may turn out negative in the UK. Today’s figures […]
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August 242010
Dollar Tumbles on Disastrous Home Sales
EUR/USD rallied strongly today after the report on the US housing situation in July was released. The Forex market continued with the bullish reaction also after the Richmond Fed index release. The currency pair recovered from its monthly bottom of 1.2588 and is now trading near 1.2710. Existing home sales fell from 5.26 million to 3.83 million in July (seasonally adjusted annual rate). The average forecast for this housing […]
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August 242010
Yen Reaches New Decade Highs on Forex Risk Aversion
The expectations for the worsening of the global economic situation in the developed nations fueled the risk-averting mood in the foreign exchange market, pushing the Japanese yen to the new yearly maximums today. The yen reached its new record high level against the US dollar since June 1995 and the strongest level against the euro since September 2001. A three-month high was reached against the Great Britain pound. As almost always with the yen, the reason for the gains lies […]
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