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Day: May 10, 2011
May 102011
No Need for Safety, Swiss Franc Suffers
Commodities and global equities recovered today from the last week’s sharp decline, signaling that investors became less interested in safe assets. Such shift of market sentiment harmed the Swiss franc. Concerns about the sovereign-debt problems of Greece and the whole European Union subsided somewhat after the spokesman for German Chancellor Angela Merkel stated that a restructuring of Greeceâs debt wasn’t considered the EU official said the progress of Greece in fixing its […]
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May 102011
EUR/USD Fluctuates on Uncertainty About Greece
EUR/USD fell quickly at the beginning of the today’s trading session and recovered even more quickly. After several volatile swings the currency pair doesn’t show any discernible trend. The reason for such behavior is uncertainty about ability of Greece to overcome its credit problems. The positive decision of the European Union policy makers to reconsider the terms of the bailout and to prolong deadline for repaying debt was followed by the downgrade of the nation’s credit rating by Standard and Poor’s. […]
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May 102011
Indonesian Rupiah Gains on Positive Growth Outlook
The Indonesian rupiah advanced for the third day today on positive outlook for the biggest economy of Southeast Asia, caused by the inflow of foreign funds. The government report showed last week that Indonesia’s gross domestic product grew 6.5 percent in the first quarter of 2011 from a year ago, following the growth by 6.89 percent in the fourth quarter of 2010. The currency appreciated 0.2 percent this month. Bambang Brodjonegoro, head of fiscal policy at the finance ministry, […]
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May 102011
Japanese Yen Falls as Commodities & Stocks Rally
The Japanese yen dropped today after equities gained and commodities pared declines, reducing demand for safe currencies. The Japanese yen gained yesterday on fears of the sovereign-debt crisis in Europe. Today the currency erased its gains as commodities, including silver and copper, advanced. The Stoxx Europe 600 Index gained 0.6 percent and the MSCI Asia Pacific Index went up 0.2 percent. USD/JPY rose from 80.34 to 80.69 and EUR/JPY advanced from […]
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May 102011
New Zealand Dollar May Be Overvalued Says IMF
The New Zealand fell today, scrapping two sessions of the advance against the US dollar, as the International Monetary Fund said that the currency too overvalued. The IMF said that the New Zealand currency is 20 percent above the estimated equilibrium exchange rate. The high prices of the kiwi are partly caused by the large positive interest rate differential. The differential may be reduced as major banks may perform tightening in the future. New […]
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