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Day: November 23, 2010
November 232010
Euro Slumps as Worries About Debt Crisis Reemerge
The euro experienced the sharp drop today as the optimism about Ireland’s bailout waned and the debt problems in other peripheral economies came to attention. The Irish government announced on the weekend that it would ask for the aid from the International Monetary Fund and the European Union. Now attention are turning also to Portugal and Spain, making one the market participants to wonder how long it’ll take for these countries to follow Greece and Ireland with request […]
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November 232010
Malaysian Ringgit Falls as Economic Growth Slows
The Malaysian ringgit dropped today as the report showed the economic growth in Malaysia, as well as in some other Asian countries, slowed. The government report showed that the Malaysian economic growth slowed compared to the 8.9 percent growth in the second quarter. The economies of China and Singapore also expanded with slower pace. The tension between North and South Korea was another reason for the decreasing demand for the Asian currencies. USD/MYR rose from 3.1035 to 3.1170 as of 10:52 […]
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November 232010
Swiss Franc Gains on Korean Conflict
The Swiss franc strengthened today after North and South Korea exchanged the artillery fire, increasing demand for the currency as the safe haven. South Koreaâs Joint Chiefs of Staff stated that North Korea fired artillery shells into the South near the western border between two nations. The MSCI Asia-Pacific Index of shares (excluding Japan as its markets closed for holiday) dropped as much as 1.9 percent. USD/CHF traded at 0.9888 as of 9:59 GMT […]
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November 232010
Sharp Drop of EUR/USD After US GDP & Manufacturing Reports
Optimism for Ireland’s bailout quickly wore out and today EUR/USD currency pair experienced a significant decline. US GDP and manufacturing reports were better than expected, supporting the dollar, but existing home sales unexpectedly dropped. EUR/USD trades now at 1.3370 after opening at 1.3626. Preliminary GDP increased at an annual rate of 2.5 percent in the third quarter of 2010, compared to the expected 2.3 percent increase. In the advance estimate, the increase in real […]
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