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Day: September 7, 2010
September 72010
Global Economic Environment is Bad for Canadian Dollar
The Canadian dollar slumped today against the US dollar on the concerns that the European sovereign-debt crisis may worsen and as the stocks and crude oil declined. The euro was hurt by the concerns about the sovereign debt more than the Canadian currency, therefore the loonie rose against the shared 16-nation European currency. The Standard & Poorâs 500 Index went down 0.8 percent and the MSCI World Index of stocks dropped 1 percent. October delivery […]
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September 72010
RBA Keeps Interest Rates Unchanged, Aussie Weakens
The Australian dollar weakened today after the Reserve Bank of Australia kept the interest rates unchanged and on the outlook that the Prime Minister Julia Gillard would keep power and her Labor Party to retain government. The RBA left the overnight cash rate target at 4.5 percent, as was predicted by the analysts. The experts say that the economic situation in Australia itself warrants the higher interest rates. The reason for the central bank to refrain from the rates hike […]
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September 72010
Worries About Health of Europe’s Banks Drive Euro Down
The euro slumped today on the concerns that the health of the European banks would deteriorate as they hold the government debts, damping the outlook for Europe’s economy. The Wall Street Journal said that the stress tests of the major European banks underestimated some holdings of the government debt. The European Union performed the stress test of the banks in July. According to the report of the Journal, some banks excluded debt of the certain countries from their totals and others reduced amounts […]
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September 72010
Yen Appreciates on Outlook for US Quantitative Easing
The Japanese yen gained today on the forecast that the Federal Reserve would be required to print more money to support the faltering US economy. The quantitative easing should decrease the appeal of the US dollar and boost the attractiveness of the yen as the safe haven. The strong currency is the last thing the Japan needs these days, but the direct intervention is likely will be opposed by the US. USD/JPY slid from 84.18 to 83.87 today as of 9:24 […]
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September 72010
RBA Would Keep Interest Rates Unchanged
The Reserve Bank of Australia will keep the interest rates unchanged, according to the forecasts of the economists, as the concerns for the global economic recovery prompt the policy makers to support the nation’s economy. The pause in the rates increase may have negative impact on the performance of the Australian dollar, which for now rises. The S&P 500 index dropped 4.7 percent in August and the MSCI World Index slipped 3.9 percent. Australia’s economic growth likely won’t support the inflation as the boost […]
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