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Day: December 1, 2010
December 12010
Rand Gains on China’s PMI & US Consumer Confidence
The South African rand gained today as the reports showed that the Chinese manufacturing expanded more than expected and the US consumer confidence improved, increasing the appeal of the higher-yielding currencies. The China Federation of Logistics and Purchasing Managers’ Index advanced from 54.7 to 55.2 in November, while a small increase to 54.8 was expected. The Conference Board Consumer Confidence Index increased in November to 54.1, following the increase to 49.9 in October. The median forecast promised a value […]
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December 12010
Euro Rises Before ECB Meeting, But Rally May Be Short-Lived
The euro rose today as the Governing Council of the European Central Bank will meet tomorrow and may find solution to the continuing problem with the sovereign-debt in Europe. The President of the ECB Jean-Claude Trichet hasn’t ruled out the possibility of increasing government bonds buying, though he remains reluctant to do so. The Stoxx Europe 600 index of stocks gained 0.7 percent. Despite today’s gains the analysts remain pessimistic about the shared European currency […]
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December 12010
EUR/USD Jumps with Anticipation of ECB Meeting
EUR/USD jumped today on hopes that tomorrow’s meeting of the European Central Bank’s Governing Council will help to find solution to European debt crisis. Most analysts, though, aren’t convinced that any significant change of the situation will follow the meeting and think that the rally is short-lived. US economic reports were generally close to forecast values, though employment and construction spending reports showed significantly better figure than […]
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December 12010
European Debt Troubles Drive CAD Higher vs. EUR, Lower vs. USD
The Canadian dollar fell against its US counterpart as the European debt troubles led to the risk aversion sentiment among the investors and after the report showed that Canada’s economic growth unexpectedly stalled. The Canadian gross domestic product declined 0.1 percent in September. It grew 0.3 percent in the month before and was expected to increase 0.1 percent in September. Canada’s current account deficit widened by C$4.6 billion to C$17.5 billion in the third […]
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December 12010
Yen Gains on Volatility and Concerns About Europe & China
The Japanese yen surged on the concerns that Ireland’s bailout wouldn’t be able to contain the sovereign-debt problems from contaminating other European countries. The Standard & Poor’s signaled that it may downgrade Portugal’s credit rating as the country hasn’t increased its economic growth to outweigh the impact of the planned spending cuts. The investors also shunned the riskier assets, preferring the safer ones, because of the high volatility on the markets. The JPMorgan Chase & […]
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