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Day: December 8, 2010
December 82010
US Dollar Strengthens on Tax Reduction & Global Uncertainty
The US dollar gained against the Japanese yen today on the speculation that the extended tax cuts would help the economy of the US. The currency also posted gains versus the euro, before retreating, as the concern for Europe’s debt troubles increased the appeal of the greenback as the safe currency. The tax rates, set in 2001 and 2003, were scheduled to increase on December 31st. Now the US President Barack Obama extended the tax reduction for two years. The Dollar Index, […]
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December 82010
Optimistic Outlook for US Economy Bolsters Canadian Dollar
The Canadian dollar rose today on the speculation that the tax reduction in the US, the biggest trading partner of Canada, would bolster the economic growth. The US President Barack Obama decided to prolong the reduction of the taxes, which were set to increase on December 31st. The housing starts in Canada increased to 187,200 in November (seasonally adjusted) from 167,800 in October. The median forecast was 174,000. Canada’s government bonds declined 1.1 percent this month Some […]
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December 82010
Rand Falls as Fundamentals are Unfavorable for Riskier Currencies
The South African rand slips today as the fundamentals, including the Korean conflict and China’s plans to curb its economic growth, weren’t favorable to the riskier currencies. The stocks and the higher-yielding currencies fall as the tension on the Korean peninsula increases and China may take measure to slow its rapidly growing inflation. The rand dropped versus the US dollar as the US President Barack Obama extended the tax cuts, resulting in the optimism for the US economy. USD/ZAR traded at about […]
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December 82010
New Zealand Dollar Weakens on Interest Rates & Growth Outlook
The New Zealand dollar extended its losses today on the forecast that the New Zealand central bank would keep the interest rates unchanged and as the economic growth may be slower than previously predicted. Most experts think that the Reserve Bank of New Zealand would leave the rates unchanged at 3 percent on the tomorrow’s meeting. Some analysts say that the Bank wouldn’t raise the interest rates till the second quarter of 2011. […]
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December 82010
EUR/USD Extends Losses After Prolongation of US Tax Cuts
EUR/USD extended its decline today for a third day after US President extended tax cuts, resulting in surge of optimism for US economy. There was not much fundamental data this week so far, but some important reports, including reports about unemployment claims and trade balance, will be released on Thursday and Friday. EUR/USD trades now near 1.3214. Crude oil inventories decreased by 3.8 million […]
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December 82010
Canadian Dollar Pares Losses
The Canadian dollar rose today after it fell yesterday as Canada’s central bank kept the interest rates unchanged and the commodities, including crude oil, dropped, decreasing appeal of the currencies linked to the economic growth. January delivery for crude oil slipped 1.3 percent to $88.18 after it rose above the resistance level of $90 per barrel in New York for the first time in more than two years. The Reuters-Jefferies CRB Index […]
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