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Day: March 3, 2011
March 32011
NOK Falls as Government Concerned About Currency’s Strength
The gains of the Norwegian krone caused the concerns that the stronger currency will hurt competitiveness of the nation’s exporters. The currency fell today after it sharply advanced on the previous trading session. Finance Minister Sigbjorn Johnsen said that the government will take measures to prevent the stronger currency to harm the nation’s economy. The krone jumped previously on the high oil prices as the country is one of the biggest exporters of oil in the world. USD/NOK rose from […]
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March 32011
Euro Rallies as ECB May Raise Interest Rates Next Month
The euro rose today for the second day against the US dollar as European Central Bank President Jean-Claude Trichet said that the bank may increase the interest rates next month because of the inflation pressure. Trichet said that “increase of interest rates in the next meeting is possible”. The inflation in the European Union already has risen above the ECB target of 2 percent because of the surging oil prices. The ECB kept the minimum bid […]
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March 32011
EUR/USD Rallies as Trichet Says Interest Rate Hike Possible
EUR/USD climbed today as European Central Bank President Jean-Claude Trichet said that the interest rates may be higher next month. The ECB maintained its benchmark interest rate unchanged at 1% today. The economic reports were in line with the analysts’ forecasts today, except the report about the jobless claims that was far better than expected. EUR/USD currently trades at 1.3936. Initial jobless claims decreased to 368k […]
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March 32011
Aussie’s Rally Stalls as Exports & Building Permits Decline
The Australian dollar struggled to continue its rally versus the US dollar and the Japanese yen as the reports today showed that the number of building permits fell and the exports shrank. The currency also continues its decline against the euro. Australia’s exports of goods and services declined 4% (A$1,003 million) in January. The trade balance remained positive as the imports also fell, but the surplus was lower than in the previous month. The seasonally adjusted estimate for total […]
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March 32011
Canadian Dollar Weakens After Yesterday’s Advance
The Canadian dollar fell today somewhat following the yesterday’s rise on the surging oil prices, declining supplies in the US and the interest rates decision by the Bank of Canada. April delivery for crude oil jumped as much as 2.9 percent to $102.50 as the military forces in Libya attempted to retake the regions occupied by the rebels. Crude reached $103.41 on February 24, the highest price since September 2008. The oil inventories of the US shrank by 400,000 last week, while they […]
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