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Day: March 15, 2011
March 152011
Dollar Weakens as Fed Maintains Stimulus
The US dollar paired its gains versus the euro and fell against other major currencies as the Federal Reserve decided to keep the interest rates at the record low level and to maintain its assets purchasing program. The Federal Open Market Committee said in its statement today that “the economic recovery is on a firmer footing”. The FOMC added that the jobs market is improving, but the unemployment remains high. On the other hand the housing sector […]
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March 152011
Rand Falls on Risk Aversion Following Earthquake in Japan
The South African rand slumped today as the earthquake, tsunami and the radiation leak from the damaged nuclear plant in Japan decreased investors’ willingness to risk and curbed appeal of higher-yielding currencies. The disaster and the resulting risk aversion may cut short foreign inflows into the South African economy. Societe Generale recommended traders to sell the rand against the dollar. USD/ZAR surged from 6.8160 to 7.0070 as of 12:29 GMT today, erasing the losses of the previous two […]
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March 152011
Yen Jumps on Fears of Radiation Leak from Nuclear Plant
The Japanese yen gained today as the Japanese investors are expected to bring their overseas assets back to Japan on the concern about the radiation leak from the nuclear plant. Fukushima Dai- Ichi plant of Tokyo Electric Power Company was damaged last week by the earthquake and the subsequent tsunami. Prime Minister Naoto Kan spoke on television, urging to stay calm and saying that the government doing everything possible to prevent the radiation leak from […]
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March 152011
EUR/USD Regains Strength as FOMC Holds Rates
EUR/USD gained yesterday as the European Union Summit gave hope that the debt problems of the European countries may be resolved, but the currency pair slumped heavily on today’s trading session. Currently the euro regained much of its strength. The currency pair may advance further as the Federal Open Market Committee maintained its record low interest rates and the bonds purchasing program. EUR/USD currently trades near 1.3993 now after […]
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March 152011
US Dollar Weakens as OPEC Lowers Treasury Holding
The US dollar fell today as the nations of the Organization of the Petroleum Exporting Countries slashed their holding of the US debt because the rising oil prices decreased their need for the US currency. The Treasuries in holding of the oil-producing countries and the institutions representing nations of Middle East dropped 9 percent to $654.6 billion in the second half of the last year. Analysts expect that the selling of the US debt will continue. Greg Anderson, the currency strategist at Citigroup Inc., […]
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