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Day: October 20, 2010
October 202010
Aussie Pares Losses on Outlook for Interest Rates Hike
The Australian dollar pared its previous losses today as the traders used the low prices as the opportunity to buy the currency. The speculation that Australia’s central bank may raise the interest rates also helped the currency. Earlier the Australian currency dropped as China, the biggest Australia’s trading partner, increased its interest rates yesterday, resulting in concern that China’s economic growth would slow. The news shook the markets: the Standard & Poorâs […]
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October 202010
Ruble Drops with Crude Oil Prices
The Russian ruble slid today after the prices for crude oil went down on outlook for slower global economic growth. The decline will test the commitment of Russia’s central bank to allow the exchange rates to float more freely. Oil, Russiaâs main export revenue source, slumped as much as 4.3 percent yesterday as China raised its interest rates, causing the speculation that the slower growth of world’s biggest energy consumer would hurt […]
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October 202010
Pound Falls on Dovish BoE Meeting Minutes
The Great Britain pound slipped against the euro and the Japanese yen today as the dovish minutes of the Bank of England meeting signaled that the Bank may increase its bonds buying to support the UK economy. The bank’s policy makers decided to keep the key interest rate at 0.5 percent and the bond purchases at £200 billion ($314 billion). The minutes of the BoE Monetary Policy Committee meeting showed that some members “felt the likelihood that further […]
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October 202010
EUR/USD Erases Yesterday’s Losses
EUR/USD erased yesterday’s decline today on speculation that Beige Book report, released later today, will support the outlook for additional stimulus by the Federal Reserve to support US economy. Yesterday the currency pair slumped after China unexpectedly increased its interest rates. Perhaps, the decline was overdone. EUR/USD trades now at 1.3964 after it opened at 1.3726. US crude oil inventories increased by 0.7 million barrels from […]
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October 202010
China Raises Interest Rates, Can It Prevent Asset-Bubble?
The Chinese yuan slumped today against the US dollar, before rebounding later, after China’s policy makers raised the interest rates for the first time since 2007 to prevent the asset-bubble. The Chinese currency gained versus the euro. China’s central bank increased the benchmark one-year lending rate from 5.31 percent to 5.56 percent and the deposit rate from 2.25 percent to 2.5 percent. Such measures were taken to restrain lending and prevent […]
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