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Day: March 16, 2011
March 162011
Euro Falls After Moody’s Downgrades Portugal’s Rating
The euro slipped today after Moody’s cut the debt rating of Portugal, increasing concerns about the financial crisis in the European Union. Moody’s Investors Service downgraded Portugal’s long-term government bond ratings from A1 today to A3, saying that the nation “faces significant challenges, not least a less supportive economic environment”. The agency assigned a negative outlook because of “subdued growth prospects” and concern that Portugal’s government wonât be […]
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March 162011
Norwegian Krone Boosted by Prospect of Higher Interest Rates
The Norwegian krone rose today on the speculation that the policy makers will speak about increasing of the interest rates at today’s meeting. Analysts say that the Norges Bank will favor tightening in the future, but this month the bank will leave its overnight deposit rate at 2 percent. Norwayâs currency has risen 1.6 percent this year. USD/NOK fell from 5.6634 to 5.6544 today as of 12:53 GMT. If you have […]
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March 162011
EUR/USD Down as Moody’s Cuts Portugal’s Credit Rating
EUR/USD dropped today after Moodyâs Investors Service cut Portugalâs credit rating from A1 today to A3 today. Today’s report about the housing starts and building permits confirmed a depressed state of the US housing sector. EUR/USD currently trades near 1.3946. US housing starts and building permits in February were below the January levels. Building permits were at a seasonally adjusted annual rate of 517k, compared to the revised January […]
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March 162011
Canadian Dollar Falls on Lower Oil Prices
The Canadian dollar weakened as the disaster in Japan cut prices for crude oil and other raw materials and damped demand for currencies linked to economic growth, including the loonie. The earthquake, tsunami and the threat of radiation leak from the damaged nuclear plant in Japan hurt risk sentiment and commodities. This is bad for Canada and its currency as raw materials provide about half of the nation’s export revenue. The Thomson Reuters/Jefferies CRB Index of raw materials fell […]
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