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Day: December 23, 2010
December 232010
Fitch Cuts Hungary’s Rating, Greece May Follow; Euro Down
The euro dropped today after the Fitch Ratings agency downgraded the credit rating of Hungary and warned about the possible reduction of Greece’s rating, fueling the worries about the ability of the Eurozone peripheral economies to deal with the debt crisis. The Fitch downgraded Hungary’s long term foreign currency credit rating to BBB- with a negative outlook today, citing the lack of the coherent medium-term fiscal strategy. The agency also stated that “there is a heightened […]
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December 232010
South Africa’s Rand Gains for Fourth Day on High Interest Rates
The South African rand climbed today, posting the fourth straight day of gains, to the highest level in three years versus the US dollar as the investors seek higher yields while the developed nations keep their interest rates low. The investors seek profit from the higher interest rates in the emerging markets. The developed countries, like the US, the European Union and Japan, are reducing their interest rates closer to zero, while the rates in South […]
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December 232010
EUR/USD Erases Gains as Fitch Downgrades Hungary’s Rating
EUR/USD extended its losses, after it advanced earlier today, as Fitch Ratings cut of Hungary’s credit rating and put Greeceâs rating on review for downgrade. US macroeconomic data was generally in line with forecasts and showed a moderate improvement of economy. A notable exception was durable goods orders, which were far worse than predicted. EUR/USD trades at 1.3065 now after it rose previously as high as 1.3151. Initial […]
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December 232010
NZ Dollar Declines as Economy Deteriorates
The New Zealand dollar slumped today after the reports showed that the current account deficit widened, while the economy of the New Zealand deteriorated, worsening the outlook for the New Zealand dollar and decreasing demand for it. The current account deficit was NZ$1,770 million in the third quarter, rising from the deficit of NZ$0.99 million in the second. The New Zealand gross domestic product was down 0.2 percent in the September third quarter, following the 0.1 percent […]
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