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Day: December 16, 2010
December 162010
British Pound Gains as Retail Sales Expands & Inflation May Rise
The Great Britain pound jumped today after the reports showed that Britain’s retail sales expanded and the UK consumer inflation expectations increased, suggesting that Britain’s economy performs not that bad. The retail sales volume increased by 0.3 percent between October and November, following the 0.7 percent growth in October from September. The Bank of England/GfK NOP Inflation Attitudes Survey showed that the median expectations for the rate of the inflation over […]
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December 162010
Dollar Rises as US Economy Strengthens
The US dollar rose today, erasing previous decline, against the euro and the Japanese yen after the US macroeconomic reports posted another set of good results and as the concerns for the health of Europe’s economy increased the attractiveness of the currency as the safe haven. The manufacturing index of the Federal Reserve Bank of Philadelphia increased unexpectedly from 22.5 in November to 24.3 in December. The claims for the unemployment benefits declined from 423,000 to 420,000 last week. The housing starts declined from […]
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December 162010
SNB Keeps Interest Rates Near Zero, Franc Drops
The Swiss franc weakened today after the central bank left the interest rates unchanged and before the meeting of the European Union leaders, who are going to discuss the possible actions to deal with the European debt crisis. The Swiss National Bank kept the London Interbank Offered Rate (Libor) unchanged “within the lower part of the target range at around 0.25%”. Philipp Hildebrand, Chairman of the Governing Board of the SNB, said on the press conference: Growth in Switzerland […]
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December 162010
South Korean Won Pares Losses
The South Korean won rose today, paring previous losses, after the currency fell to the lowest level in two weeks as the exporters are preparing to convert their overseas earnings before the end of the year. The won dropped earlier after the government said that it’s planning to impose the levy on the overseas borrowing. The currency also gained on the signs of the economic recovery, including the growth of the department-store sales, which posted the increase by 10.1 percent in November, following […]
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December 162010
EUR/USD Erases Gains as Manufacturing Conditions Improve
EUR/USD rose at the start of today’s trading session as macroeconomic data signaled about a stronger economy in the US. Philadelphia Fed Business Outlook Survey was particularly favorable, signaling about improving manufacturing conditions. Not all reports were good, though. Building permits posted as decline, while forecasts promised an increase. EUR/USD trades near 1.3195 now after it rose previously to 1.3265. Housing starts were at a seasonally adjusted […]
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December 162010
Loonie Goes Up as Canadian Economy Looks Better than European
The Canadian dollar strengthened on the speculation that the financial crisis in the Europe may worsen and after the proposed tax cuts were accepted by the US Senate. The US Senate passed the $858 billion tax cut plan, offered by the President Barack Obama, which should bolster the economy of the US, the biggest trading partner of Canada. The resulting optimism about the US economy spilled over into the Canadian economy. Europe still remains in the focus of the news, and its […]
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