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Day: May 11, 2011
May 112011
Pound Gains on Inflation Outlook, Weakens on Rates Outlook
The Great Britain pound gained versus the euro today after Britain’s central bank increased its inflation forecast. The currency erased gains against the US dollar and the Japanese yen as the BoE Governor Mervyn King hinted that the interest rates won’t be raised in the foreseeable future. The BoE wrote in its Inflation Report that “there is a good chance that inflation will reach 5% later this year, and it […]
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May 112011
Interest Rates Outlook Keeps Rand Down
The South African rand moved lower versus the US dollar for a third day today on outlook that the nation’s central bank will keep the interest rates unchanged. The Monetary Policy Committee of the South African Reserve Bank will meet tomorrow to discuss the interest rates. Analysts expect that the policy makers will hold the target rate unchanged at 5.5 percent. The expected dovish statement of the central bank can hurt appeal of the rand […]
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May 112011
Euro Still Can’t Decide Where to Go
Uncertainty about the situation with Greece continues to plague the European Union, causing volatile swings of the euro. The currency erased its yesterday’s rally only to resume its upward movement and then drop again. German Chancellor Angela Merkel said yesterday that Greece has to proceed with the planned budget cuts to deserve an extension of the debt-repayment deadline. Merkel stated: We can offer solidarity only if Greeceâs stability and eagerness […]
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May 112011
Greece Continues to Threaten Stability of Euro
EUR/USD traded without any particular trend in the first half of today’s trading session, but plunged heavily in the second. Greece with its debt problems continues to threaten stability of the Eurozone and the European policy makers may refuse to extend the deadline for repaying the debt if the country wouldn’t take measures to improve its economic health, including such unpopular steps like budget spending cuts. The US data today was puzzling […]
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May 112011
Canadian Dollar Goes Up Together with Crude
The Canadian dollar extended its rally today, rising for fourth day against its US counterpart, as commodities, including crude oil, reversed the downward trend and rallied. Crude oil reached the highest price in four days on speculation that flooding of the Mississippi River will disrupt refineries. Valero Energy Corp., the biggest US refiner, has already reduced operations at its Memphis plant to about 80 percent of capacity because of the flooding. […]
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