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Day: April 6, 2011
April 62011
Canada’s Currency Rises as Global Recovery Quickens
The Canadian dollar climbed to the highest level in more than three years against its US counterpart as the recovery of the global economy gains momentum and the rally of raw materials increases demand for growth-related currencies. The currency slipped versus the euro. May delivery for crude oil, the main export of Canada, rose 0.3 percent to $108.66 per barrel in New York after reaching earlier $109.15, the highest price since September 24, 2008. June […]
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April 62011
Pound Loses Ground as Industrial Production Slows
The Great Britain pound lost most of its gains versus the US dollar today as the report showed an unexpected decline of the industrial output in February. The UK industrial production decreased by 1.2 percent in February, while it was expected to show the same 0.3 percent growth as in January. Manufacturing production was flat, instead of expanding by 0.6 percent as was forecast by analysts. GBP/USD retreated from the intraday high of 1.6363 to 1.6313 as of 15:52 GMT […]
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April 62011
Euro Goes Higher vs. Dollar on Prospect for Higher Rates
The euro reached the highest level in more than a year today against the US dollar on the speculation that the European Central Bank not only will raise its benchmark interest rate tomorrow, but will continue to increase the rates further in the future. Analysts say that the ECB will boost its minimum bid rate by 25 basis points, from 1 percent to 1.25 percent, on the meeting of its policy makers tomorrow. […]
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April 62011
EUR/USD Up on Anticipation of Higher Interest Rates
EUR/USD rallied today on forecast that the European Central Bank will raise its minimum bid rate from 1% to 1.25% tomorrow. There is not much macroeconomic data from the US this week. The ISM services report yesterday was rather disappointing. EUR/USD currently trades near 1.4328, the highest level since January 2010. Crude oil inventories increased by 2.0 million barrels, while total motor […]
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April 62011
US Dollar Gains vs. Yen, Falls vs. Euro & Pound
The US dollar surged against the Japanese yen after the minutes of the Federal Open Market Committee showed that some policy makers considered removing of stimulus. The dollar fell versus the euro and the yen as the US services industry expanded in March with slower pace than was forecast. The FOMC policy makers voted unanimously for keeping the interest rates unchanged. Yet some told that less accommodative policy may be necessary. […]
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April 62011
Australian Dollar Recovers After Losses on RBA Statement
The Australian dollar fell yesterday against the US dollar and the euro as the Reserve Bank of Australia kept its benchmark interest rate unchanged and the trade balance posted an unexpected deficit. The Aussie currently recovered against the greenback and attempts to rise against the euro, the currency also gained versus the Japanese yen. The RBA decided yesterday to keep its cash rate unchanged at 4.75 percent, in line with the expectations of analysts. Bank’s Governor Glenn Stevens […]
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