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Day: May 12, 2011
May 122011
Dollar Looks Down as Commodities Strive Up
The US dollar weakened today against the euro as rally of stocks and commodities make investors less enamored of safer assets. The Japanese yen also suffered from falling demand for safety, allowing the greenback to hold its ground against this currency. The Standard & Poorâs 500 Index gained 0.5 percent. The Thomson Reuters/Jefferies CRB Index of raw materials went up 0.1 percent to 340.01. June contract for crude oil delivery […]
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May 122011
Great Britain Pound Slips on Slower Industrial Production
The Great Britain pound weakened today after the report showed that the UK industrial production expanded in March far less than was predicted. Britain’s industrial production increased by 0.3 percent between February and March. That’s three times below the forecast of a 0.9 percent increase. Industrial output shrank 1.2 percent in February. Manufacturing output rose 0.2 percent in March. The worse-than-expected numbers in the industrial sector can give the UK […]
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May 122011
EUR/USD Remains Flat, US Economy Looks Good
EUR/USD traded sideways for the most part of the day. The currency pair fell a little, but quickly recovered. The economic reports from the US were very positive today and that may put a downward pressure on the euro. EUR/USD trades now at 1.4218. PPI rose 0.8% in April, on a seasonally adjusted basis, following the increase of 0.7% in March. Estimates before the report have put growth at 0.6%. (Event A on the chart.) Retail sales in the US increase […]
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May 122011
Norwegian Krone Benefits from Anticipation of Higher Rates
The Norwegian krone gained today on the forecast that the nation’s central bank will raise its interest rates today to slow the fast credit growth. Most analysts think that Norges Bank will raise its key rate to 2.25 percent from 2.0 percent. The decision will be made at 14:00 today. Norway has the lowest jobless rate in Europe and that resulted in the biggest credit growth in 20 months. The inflation […]
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May 122011
Employment Decline Sends Australian Dollar Down
The Australian dollar slumped today after employment in Australia unexpectedly dropped in April, posting the biggest drop since 2009. The number of employed people in Australia decreased by 22,100 in April from March, following the increase by 43,300 in March from February. It’s very unpleasant surprise for traders, who hoped for an increase by 17,600. The negative employment change together with falling commodities creates a very strong downward pressure on the Australian currency. AUD/USD tumbled […]
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