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Day: December 2, 2010
December 22010
US Dollar Drops as Fundamentals Signal About Economic Recovery
The US dollar fell today as the unexpected increase of the US pending home sales in October and the rally of the stocks and the commodities signaled about the economic recovery and damped the demand for the dollar as the safe haven. The US pending home sales grew 10.4 percent in October, following the decline by 1.8 percent in September. The result was much better than the forecast reading of the 0.7 percent drop. The demand shifted from the safe currencies to the riskier ones also as the report […]
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December 22010
Britain’s Pound Gains vs. Dollar, Weakens vs. Euro
The Great Britain pound rose today against the US dollar on the speculation that the European policy makers would begin the bonds purchasing program to resolve the debt crisis, increasing the attractiveness of the British assets. The currency fell against the euro. The President of the European Central Bank Jean-Claude Trichet said that the policy makers are determined to find the solution to Europe’s sovereign-debt troubles and hinted that the stimulus program may be such solution. The yield […]
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December 22010
Yuan Appreciates as China’s Economy Continues to Grow
The Chinese yuan rose today on the speculation that China’s foreign reserves, which are largest in the world, would support the currency despite the European debt troubles and the tensions among North and South Korea. China continues to show the fast economic growth, supporting the yuan. China’s Manufacturing PMI rose from 54.7 in October to 55.2 in November. The International Monetary Fund estimated that China’s gross domestic product expanded 10.5 percent this […]
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December 22010
EUR/USD Goes Up with Increase of US Jobless Claims
EUR/USD rose today, fell after the European Central Bank kept the interest rates unchanged and later advanced again as claims for unemployment benefits in the US unexpectedly increased. EUR/USD currently trades at 1.3181 after it reached the intraday low of 1.3060. Initial jobless claims in the US increased from 410k to 436k, more than a 425k growth that forecasts have promised. Pending Home Sales Index, a forward-looking indicator, gained 10.4% […]
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December 22010
Loonie Climbs vs. Greenback as Global Economic Outlook Brightens
The Canadian dollar surged against its US counterpart as the signs of the global economic growth boosted crude oil and increased the appeal of the commodity currencies. The currency slipped versus the euro, which strengthened today against other major currencies. The sentiment across the markets was really positive yesterday. The MSCI World Index gained as much as 2.2 percent. One of the reasons for the optimism was the statement of European Central Bank’s President Jean-Claude Trichet, who […]
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December 22010
Aussie Rebound After Decline as Global Economy Recovers
The Australian dollar rose today against its US counterpart on the signs of the global recovery after it declined previously on the slower Australian economic growth. The euro outperformed the Australian currency. China’s Manufacturing PMI advanced from 54.7 to 55.2 in November, while it was expected to rise marginally to 54.8. The JPMorgan Global Manufacturing PMI rose from 53.7 in October to 53.9 in November, its highest level since July. The Markit Final […]
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