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Day: October 1, 2010
October 12010
Dollar Weakens as Manufacturing Slows
The US dollar dropped today against the euro to the lowest level since March, and also fell against all other major currencies, on the speculation that additional stimulus is required to support the US economy and after the report showed that the manufacturing growth slowed. The Institute for Supply Management Purchasing Managers’ Index declined to 54.4 in September from 56.3 in August. The report stated: While the headline number shows relative strength this month […]
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October 12010
Hungarian Forint Rises on Austerity Pledges & Economic Outlook
The Easter European currencies, including the Hungarian forint, were rising today as the improving sentiment about Europe’s economy and the governments’ pledge to cut the budget deficits attracted the foreign funds. The Hungarian government pledged to narrow the nation’s budget deficit below 3 percent, causing the speculation that Hungary’s rating wouldn’t be downgraded by the Standard & Poorâs. The Hungarian currency was also helped by the improving outlook for the whole European economy, caused by the growing […]
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October 12010
Krona at Two-Year Record on Outlook for Monetary Tightening
The Swedish krona rose today to the highest level in two years versus the US dollar on the speculation that the central bank would perform its monetary tightening plans and as the economic data was favorable. The Riksbank said it would increase the benchmark repo rate more than 2 percentage points over the next two years to about 3 percent. The reports showed that the manufacturing expanded for the 16th straight month, while the consumer […]
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October 12010
Second Day of Better-Than-Expected Data from US, EUR/USD Up
EUR/USD extended its rally today as outlook for Europe’s economy improves and talks about quantitative easing in the US persist. Today’s reports make one question necessity of additional stimulus as data was better than analysts predicted. EUR/USD trades now at 1.3753. Personal income and spending grew in August. Personal income increased 0.5%, compared with a previous reading of 0.2% and forecast 0.3%. Personal spending increased or 0.4%, just as forecasts […]
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