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Day: March 8, 2011
March 82011
Pound Falls as Retail Sales & House Prices Decline
The Great Britain pound slipped today against the US dollar as the reports today showed that the retail sales decreased and the house prices dropped in Britain. The sterling advanced versus the Japanese yen and the euro. The UK retail sales went down 0.4 percent February from a year ago, when the sales had risen 2.2 percent in January. According to the Housing Market Survey by the Royal Institution of Chartered Surveyors, there were 26 percent […]
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March 82011
Concern for Global Economy Undermine Malaysian Ringgit
The concerns about the global economic recovery, caused by the surging oil prices and the conflicts in North Africa and Middle East, weakened the Asian currencies, including the Malaysian ringgit. The concern about impact of the uprising in Libya intensified as the government warplanes bombed the rebels near the oil hub of Ras Lanuf. Declining demand for riskier assets caused most analysts to predict that the Bank Negara Malaysia will maintain its overnight rate unchanged at 2.75 percent […]
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March 82011
Euro Hit by Renewed Fear of Debt Crisis
The euro extended its decline versus the US dollar for the second day today as the spread between the bonds of the indebted nations and the German bunds widened on the speculation that the European debt problems may worsen. The austerity measures proposed to the indebted countries, including Greece and Ireland, as term of the bailout have met the vehement resistance in these countries. The European leaders will meet later this month, but not many believe that the leaders will […]
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March 82011
AUD/USD Ascending Triangle on Daily Chart
A somewhat flawed ascending triangle patter is currently visible on the AUD/USD D1 chart. Its lower part has started back in mid January and the upper part is from early February. Otherwise it looks very good with the slopes and number of candlewicks touching the forming lines. Since a bullish trend predated the formation of the chart pattern, the bullish breakout should be expected. Adding the height of the triangle to the apex we get […]
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March 82011
Australian Dollar Weakened by Strong Oil Prices
The Australian dollar weakened as the surge of the oil prices on concern about the Libyan revolt caused the decline of stocks and commodities and reduced risk appetite. The clashes between the protester and the forces loyal to Libya’s leader Muammar Qaddafi intensified, leading to worries that supply of oil will be cut. April delivery for crude oil rose to $105.44 per barrel on NYMEX, posting the highest price since September 26, 2008 and the gain by 29 percent from […]
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