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Day: May 6, 2011
May 62011
Positive Nonfarm Payrolls Give Dollar Basis for Rally
The US dollar was winner against most major currencies today as the non-farm payrolls showed that the employment growth accelerated last month, frustrating the analysts, who expected slower growth. Non-farm payrolls grew by 244,000 in April. The actual reading was much better that the forecast value of 185,000 and above the March change by 221,000 (upwardly revised from 216,000). As it’s often happens with the reports from the Bureau of Labor Statistics, […]
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May 62011
EUR/USD Loses Ground as Payrolls Provide Pleasant Surprise
EUR/USD experienced a sharp downfall today after the US nonfarm payrolls showed that employment growth rose accelerated, instead of slowing according to forecast. On the other hand, unemployment also increased. US consumers increased their borrowing in March, suggesting that Americans feel optimism for their economic future. EUR/USD currently trades near 1.4347. US nonfarm payrolls increased by 244k in April, compared to 221k (revised from 216k) in March. […]
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May 62011
RBA Inflation Forecast Boosts Aussie
The Australian dollar gained today after the central bank raised its inflation forecast and signaled that it may perform an interest rates hike “at some point” in the future. The Reserve Bank of Australia increased its forecast for growth of consumer prices in 2011 to 3.25 percent from previously predicted 3 percent. The growth forecast remained unchanged at 4.25 percent. The hawkish statement allowed the Australian currency to rise after four day of losses […]
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May 62011
Yen Retreats from Seven-Week High on Intervention Expectations
The Japanese yen retreated today, after it reached the highest level in seven week against the US dollar yesterday, on speculation that Japan will intervene to curb recent gains. Japan, together with other members of the Group of Seven, intervened last time to weaken the currency as it surged after the earthquake on March 11. The intervention managed to weaken the currency, but the yen was steadily rising in April, reaching the pre-intervention levels. Even […]
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May 62011
Pound Digest BOE Rates Decision, Unsure Where to Go
The Great Britain pound weakened after the Bank of England left its target rate unchanged, suggesting that the UK economy is still unprepared to leave accommodative monetary policy. Currently the sterling attempts to rebound, but without any significant success so far. The BoE maintained its official Bank Rate at 0.5 percent and kept its stock of asset purchases at £200 billion yesterday. The last change in the key rate was […]
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May 62011
Euro Bulls Keep Hope Even After ECB Rates Decision
The European Central Bank decided to keep its main interest rate unchanged, sending the euro down and frustrating euro bulls. Still, many euro supporters remained unfazed by this decision and hope for another rally of the currency. Jean-Claude Trichet, President of the ECB, said at the press-conference after he left yesterday the minimum bid rate at 1.25 percent: Based on its regular economic and monetary analyses, the Governing Council decided to keep the key ECB […]
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