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Day: November 4, 2010
November 42010
BHP Billiton Bid for Potash Corp. Rejected, Making Loonie Fluctuate
The Canadian dollar today rose against its US counterpart as the stocks and crude oil climbed and fluctuated against the euro after the bid for Potash Corp. was rejected. The BHP Billiton Ltd. planned the hostile takeover of the Potash Corp. of Saskatchewan Inc., the largest fertilizer company in the world. The anticipation of the money, which would be brought into the Canadian economy, improved Canada’s economic outlook and bolstered the loonie, as Canada’s currency is nicknamed. The Canadian […]
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November 42010
ECB Keeps Interest Rates Unchanged — Euro Rises
The euro surged today after the European Central Bank held the interest rates unchanged. The 16-nation shared European currency now declines versus the US dollar and the Japanese yen. The Governing Council of the ECB decided at todayâs meeting that the interest rate will remain unchanged at 1.00 percent. Jean-Claude Trichet, the president of the European Central Bank, said in his statement: Overall, the current monetary policy stance remains accommodative. The stance, the provision of liquidity […]
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November 42010
Improving Employment in New Zealand Bolster Kiwi
The New Zealand dollar gained today as the reports showed the better-than-expected employment figures, increasing the possibility that the central bank would raise the interest rates. The employment in New Zealand grew 1.0 percent in September, compared to the expected value of 0.5 percent. The employment went down to 6.4 percent, while it was expected to be 6.7 percent. The improving labor market increases the prospect for the central bank to perform the rates hike. NZD/USD jumped […]
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November 42010
BoE Keeps Rates & Bonds Buying Unchanged, Pound Climbs
The Great Britain pound jumped today as the Bank of England refused to follow the Federal Reserve in the quantitative easing and kept its bonds-purchase program unchanged. The Bank of England stuck to its plan to spend £200 ($324 billion) on buying the government bonds. The bank also left the interest rates at 0.5 percent. The minutes of the Bank’s policy makers meeting will be published on November 17th. GBP/USD jumped from 1.6101 to 1.6260 as of 12:20 GMT today, […]
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November 42010
Growing Unemployment Claims Weaken Dollar
The dollar continues to decline today after yesterday’s announcement of quantitative easing. Increasing unemployment claims also dragged the US currency down. EUR/USD traded now at 1.4257. Initial jobless claims was at 457k, an increase from the previous revised figure of 437k. Analysts expected the figure to remain unchanged. US nonfarm business productivity increased at a 1.9% annual rate during the third quarter of 2010. The value for the second quarter was revised from […]
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November 42010
Better Outlook for US Economy Pushes Loonie Up
The Canadian dollar gained today after the Federal Reserve announced its bonds-buying plans, improving the outlook for the economy of the US, the biggest Canada’s trading partner. The Federal Reserve it’s going to spend $600 to purchase the Treasuries. While the size of purchases is lower than some analysts expected, it’s quite significant. The improving economy of Canada’s neighbor can support the economy of Canada itself. Crude oil, the key Canada’s export, reached $85.12 […]
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November 42010
Fed Performs Quantitative Easing, Debasing Dollar
The US dollar fell after the US Federal Reserve announced its Treasuries-purchase program, causing the greenback to drop against 15 of 16 most-traded currencies. The Federal Reserve announced that it’s going to “purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month” and left the interest rates near zero. The plans of the Fed to print more money debase the US currency. […]
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