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Day: February 11, 2011
February 112011
Loonie Gains on Canada’s Trade Surplus & Mubarak’s Resignation
The resignation of Egyptian President Hosni Mubarak spurred risk aversion sentiment and pushed up the Canadian dollar that was also bolstered by Canada’s unexpected trade balance surplus today. The Canadian currency continued to show the unusual tendency to move together with the US dollar, rising today after the President Mubarak agreed to step down as the protesters demanded. While some traders hope that such decision may bring stability to the country, […]
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February 112011
US Dollar Gains After Mubarak Resigns
The US dollar extended its gains against most other major currencies today as Egyptian President Hosni Mubarak resigned and handed power to the military, increasing concerns about the political situation in Egypt and spurring demand for safety. Mubarak decided to accept the demands of the protesters and stepped down, giving away power to the Supreme Council of the armed forces. The protesters will likely demand immediate elections to be performed. The traders remained concerned, though, as the power […]
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February 112011
Third Day of Losses for Rand Due Egyptian Crisis
The South African rand dropped to the lowest level in more than five months on the worries that Egyptian crisis will intensify and as the global inflationary pressure increases. The concerns that the unrest in Egypt will strengthen emerged after Egyptian President Hosni Mubarak refused to accept the demand of the protester to resign the presidency. The threat of the increasing tensions in North Africa caused the market sentiment to shift to risk aversion and hurt the riskier assets. USD/ZAR was at 7.3130 […]
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February 112011
Taiwan Dollar Tumbles with Stock Index
The Taiwan dollar slumped today as the nation’s stock index dropped to the lowest level in five months, slowing the rapid appreciation of the currency. The Taiex stock index dropped as much as 2.6 percent, the biggest loss since August 25. The Taiwan currency declined 0.1 percent over the week, but has gained 3.9 percent this year so far. USD/TWD rose from the opening rate of 28.9520 to 29.2250, the biggest gain since December […]
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February 112011
EUR/USD Declines on Egyptian Unrest
EUR/USD declined today for the second day, though the drop is slowing currently, as the social unrest in Egypt intensified as President Hosni Mubarak refused to step down. The US reports were in line with analysts’ forecasts and haven’t showed anything important. EUR/USD trades currently at about 1.3558. US trade balance posted a deficit of $40.6 billion in December, up from $38.3 billion in November, revised. The actual reading was in line with […]
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