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Day: March 10, 2011
March 102011
Dollar Gains as Fundamentals Spurs Risk Aversion
The US dollar strengthened today as the signs of the weaker global economic growth caused investors seek safety of the US currency, while driving stocks, commodities and riskier assets down. The downgrade of Spain’s credit rating, the lower imports in China and other fundamental economic data makes traders to worry about sustainability of the global economic recovery. The news from the US weren’t good either. The US trade balance deficit expanded to $46.3 billion in January, […]
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March 102011
Pound Drops as BOE Keeps Key Interest Rate Unchanged
The Great Britain pound slumped today as the Bank of England maintained its benchmark rate unchanged at the record low level of 0.5 percent. The Bank of Englandâs Monetary Policy Committee today voted to maintain the official Bank Rate at 0.5 percent as was expected by analysts. The Committee also voted to maintain the stock of asset purchases at £200 billion. The sterling reacted heavily on the decision despite it was expected. Such reaction perhaps means that […]
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March 102011
China’s Trade Deficit Makes Aussie Weaker
The Australian dollar slid today as China posted the unexpected trade deficit after the Lunar New Year holiday disrupted exports. China posted the trade balance deficit of $7.3 billion in February, while in January the trade balance posted the surplus of $6.5 billion. The median forecast was for a $4.9 billion surplus. The annual growth of exports was only 2.4 percent, the slowest pace since November 2009, while imports advanced 19.4 percent. […]
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March 102011
Euro Goes Down as Moody’s Cut Spain’s Rating
The euro slipped today after Moodyâs Investors Service cut Spain’s credit rating, strengthening the fears of the European sovereign-debt crisis. Moodyâs downgraded Spain’s debt rating to Aa2, following the decrease of Greeceâs rating earlier this week. Moodyâs also put the outlook for Spain’s rating to “negative”, hinting that another cut is possible. The European leaders will meet tomorrow and they should decide the way to deal with the crisis by March […]
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March 102011
EUR/USD Falls as Spain’s Rating Goes Down
EUR/USD slumped today as Moodyâs Investors Service downgraded Spainâs credit rating to Aa2. The news from the US weren’t good either as the trade balance and the federal budget balance posted a bigger deficit, while number of the unemployment claims increased. EUR/USD currently trades at about 1.3795. US trade balance deficit widened from $40.3 billion to $46.3 billion in January. The median forecast promised a smaller deficit of $41.4 billion. (Event A on the chart.) […]
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