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Day: January 7, 2011
January 72011
Optimistic Outlook for UK Economy Helps Sterling Rise
The Great Britain pound rose today as the forecast that Britain’s economy would prove stronger than the economy of the European Union amid the fiscal crisis outweighed the negative impact of the poor US non-farm payrolls. The economists predicted that the UK economy would expand 2 percent in 2011, while the Eurozone economy would grow 1.5 percent. The experts forecast that the Bank of England would keep its bond-purchase plan and the interest rates […]
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January 72011
Estonia Introduces Euro as National Currency Despite Its Weakness
The euro extended its losses today amid the threat of the sovereign-debt crisis, which may slow the economic growth in the Euro-region and further damp the demand for the shared European currency. Jean- Claude Trichet, the President of the European Central Bank, criticized the European governments in his speech today, saying that “monetary policy responsibility can not substitute for government irresponsibility” and the ECB policy makers “told all governments that they had to correct drastically […]
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January 72011
Zloty Drops After Rally on Anticipation of Interest Rates Hike
The Polish zloty dropped today for the third day after it surged at the beginning of this week, causing the speculation that the currency is overbought. The currency jumped after the Finance Ministry said that the annual inflation rate accelerated to 3.1 percent last month. Marek Belka, the President of the National Bank of Poland, stated that the policy makers would take actions to curb inflation, suggesting the potential interest rates increase. USD/PLN rose […]
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January 72011
EUR/USD Drops Further Despite Poor Employment Reports
EUR/USD continued to move down today on fears of debt crisis in Europe, even though poor employment reports could have weakened the dollar. Unemployment rate showed positive change despite increasing jobless claims and lower-than-expectednon-farm payrolls. EUR/USD is now trading near 1.2930. Nonfarm payrolls increased by 103k in December, compared to the expected change by 159k. November figure was revised upwardly from 39k to 71k. Nonfarm payrolls dropped […]
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January 72011
Slump of Commodities Weakens Australian Dollar
The rally of the US dollar weakened its Australian counterpart as the drop of commodities, which was cause by the rally of the greenback, damped the appeal of the commodity currencies. February delivery for gold futures extended its decline for the third consecutive day yesterday. February delivery for crude oil fell 2.1 percent to $88.38 per barrel in New York. The London Metal Exchange Index of six metals, including copper and aluminum, slid for the second day, losing 0.2 […]
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January 72011
Dollar Gains on Optimism for US Jobs Market
The US dollar rallied as the improving labor market in the US increased the attractiveness of the greenback, while the equities and the commodities declined. The report about the employment, released on January 5th, caused the surge of optimism for the US jobs market. Yesterday’s report about the unemployment claims subdued hopes as it was not as good as expected, showing the increase from 391,000 to 409,000, instead of expected 400,000. Still, optimism hasn’t gone away and the experts predict today’s non-farmpay-rolls […]
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