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Day: November 5, 2010
November 52010
Canada’s Dollar Jumps on Good Employment Reports
The Canadian dollar extended its gains today, reaching parity with the US dollar, after the reports showed that employment improved in Canada and the US last month, improving the outlook for the economic growth. The unemployment rate in Canada went down from 8.0 percent to 7.9 percent in October, while the employment remained almost unchanged. The US nonfarm payrolls increased by 151,000, compared to the median forecast of the 63,000 increase and the 41,000 decline in the previous month. […]
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November 52010
Dollar Rises vs. Euro on US Nonfarm Payrolls & Europe’s Retail Sales
The US dollar jumped against the euro today, erasing yesterday’s losses, after the reports showed that the US employers added last month more jobs than predicted, while the retail sails in the Eurozone unexpectedly declined in September, increasing concerns for Europe’s economy. The retail sales in the Eurozone fell 0.2 percent in September, while the 0.3 percent increase was expected. The nonfarm payrolls increased by 151,000 in October, following the 41,000 decline in the previous […]
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November 52010
South Africa Intervenes to Weaken Overvalued Rand
The South African rand fell today as the central bank bought the foreign currencies in order to battle the excessive appreciation, which may hurt the exports. The rand jumped 38 percent since the beginning of 2009 as the interest rates in the developed nations were falling, while in South Africa the rates remained high, attracting the investors. The government voiced concerns about the impact of the overvalued currency on the nation’s economy and tried to curb the gains, increasing the net gold and currency […]
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November 52010
Europe’s Economy Performs Worse than US — EUR/USD Drops
EUR/USD dropped today, erasing yesterday’s gains, as reports from the US were better than expected, while European economic data caused concerns. That reminded us that, while the US economy and the dollar still remain weak, Europe hasn’t resolved its problems and the euro may experience sharp corrections. EUR/USD currently trades near 1.4034. Nonfarm payrolls increased by 151k in October and the unemployment rate was unchanged at 9.6 […]
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