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Day: January 12, 2011
January 122011
China Allows Yuan Appreciate, Can It Do So?
The Chinese yuan appreciated today on the speculation that China will allow its currency to strengthen ahead of the President’s Hu Jintao visit to the US next week. The analysts have divided opinions on the ability of the yuan to appreciate. Dariusz Kowalczyk, an economist at Credit Agricole CIB, said that “China has managed the currency in such a way that it has depreciated versus the basket, which gives it room to appreciate”. Philip Wee, an economist […]
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January 122011
Euro’s Rally Loses Momentum
The euro continued to rise against the US dollar on the speculation that the Asian countries will aid the Eurozone, but the currency tends to decline as many traders think that it’s a temporary solution at best. The investors’ sentiment about the euro improved slightly after China and Japan announced their plans to buy the European debt. Additional yield investors demand to hold Irish, Italian, Portuguese and Spanish bonds instead of German bunds decreased. The rally […]
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January 122011
EUR/USD Jumps on Good Outlook for Portugal’s Debt Auction
EUR/USD surged today after it struggled at the beginning of the trading session as investors looked favorably on the auction of Portuguese debt. The euro also strengthened on speculations that China and Japan will buy European debt and that Germany will agree to increase the size of the European rescue fund. Data from the US was neutral today as there were few reports and they were in line with forecast. EUR/USD trades now at 1.3122. US […]
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January 122011
Disaster Prevented Aussie from Rising on Rally of Commodities
The Australian dollar wasn’t been able to profit from the rally of commodities and continued to fall as the floods, which are worst since 1893, threaten to disrupt the nation’s economy and can prevent the central bank from raising the interest rates. Brisbane experienced its worst floods since 1893 as heavy rains caused the rivers to overflow the banks and huge amount of water ran to the city, forcing the inhabitants to evacuate. Premier Anna Bligh announced that […]
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January 122011
Pound Rises as UK Economy Looks Stronger Than EU Economy
The Great Britain pound gained today as the speculation that the economy of Britain will prove to be stronger that the economy of the European Union boosted the appeal of Britain’s currency. Low demand for the Portuguese bonds will likely prevent Portugal from gathering enough profit for avoiding a bailout. Elsa Lignos, a currency strategist at Royal Bank of Canadaâs RBC, said: The inability to draw a line under the sovereign-debt issues undermines the euro and keeps a positive against […]
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