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Day: March 11, 2011
March 112011
Canada’s Dollar Goes Higher vs. US Dollar, Lower vs. Euro
The Canadian dollar erased its losses versus the US dollar today as stocks advanced and the US retail sales grew. The Canadian currency weakened against the euro as oil fell and the European policy makers attempt to find a way out of the debt crisis. The Standard & Poorâs 500 Index rose 0.7 percent, following the previous decline by 0.2 percent. The retail sales (the advance estimate) in US, the biggest trading partner of Canada, grew 1.0 […]
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March 112011
Australia’s Dollar Rebounds on Stronger China’s Economy
The Australian dollar rebounded today as the set of good reports was released in China, showing a strong economic growth. The currency previously weakened as the earthquake in Japan diminished demand for higher-yielding currencies. Today’s reports from the National Bureau of Statistics eased the concern that economy of China, Australia’s largest trading partner, may slow. The rate of inflation remained the same at 4.9 percent, while it was expected to decline, and industrial production rose 14.1 […]
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March 112011
Need for Safety Weakens Asian Currencies
The earthquake in Japan, that boosted attractiveness of the yen, at the same time curbed appeal of other Asian currencies, including the Malaysian ringgit. The earthquake added to concerns that the global economic growth may slow as the Asian economies showed the signs of some weakness. The concerns were further bolstered the continuing conflict in Libya and the tensions in Saudi Arabia. USD/MYR traded at 3.0400 as of 10:47 GMT today after it opened at 3.0380. If you have any questions, […]
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March 112011
EUR/USD Regains Strength
EUR/USD regained some strength after it dropped earlier today as the earthquake in Japan spurred Forex traders to buy safer currencies. We had reports of the growing retail sales and business inventories in the US. Consumer sentiment was rather worse than expected. EUR/USD trades now at 1.3835. Advance estimates of US retail sales for February showed an increase of 1.0% from the previous month, when the sales rose 0.7%. The expected value […]
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March 112011
Yen Appreciates as Tremor Boosts Demand for Safety
The Japanese yen gained today versus all other most-traded currencies as the earthquake in Japan increased local demand for the currency as a safe haven. The 8.9-magnitude earthquake struck at 14:46 local time at 130 kilometers off the coast of Sendai north of Tokyo, at a depth of 24 kilometers, causing building in Tokyo to shake. The disaster resulted in the surge of demand for safety in Japan and the Japanese currency profited from it as it’s still considered a haven, in spite of problems in the country. […]
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