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Day: May 24, 2011
May 242011
Euro Rebounds on German Business Climate
The euro pared yesterday’s losses today after the report showed that the German business climate remained stable this month, giving hopes that the European Central Bank will increase the interest rates in June. The Ifo Business Survey showed the Germany’s business climate index remained stable at 114.2. That’s good news as analysts predicted a decline to 113.9. The final estimate of Germany’s gross domestic product remained same as the preliminary estimates, […]
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May 242011
South African Rand Stops Decline as Commodities Recover
The South African rand gained today, ending the two-day drop versus the US dollar, after commodities recovered and on speculation that policy makers will take measures to deal with the European debt crisis. The Standard & Poorâs GSCI Index of 24 raw materials rose 1 percent, following the yesterday’s decline by 1.7 percent, while the MSCI Emerging Markets Index advanced 0.4 percent. South Africaâs benchmark stock index […]
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May 242011
Korean Won Rebound as Exporters Profit from Currency’s Drop
The South Korean won recovered today from the previous drop to the lowest level in seven weeks as exporters took chance to turn their profits into the nation’s currency. The Ministry of Knowledge Economy reported at the beginning of this month that exports jumped 26.6 percent in April from a year ago to the record of $49.77 billion. Bahk Jae Wan, the candidate for the office of South Koreaâs finance minister, said he will take measures to reduce […]
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May 242011
EUR/USD Jumps on Positive German Business Climate
EUR/USD rose today after two sessions of decline. The decline of the currency pair was caused by concerns that the European economy is weakening, but the report about the German business climate (Event A on the chart) showed that the economic conditions remained stable. The US data was positive for the hosing market, but quite bad for the manufacturing. EUR/USD trades now at 1.4105. New home sales were at a seasonally adjusted annual rate of 323k […]
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May 242011
New Zealand Dollar Rebounds as Stocks & Commodities Recover
The New Zealand dollar advanced today, erasing the yesterday’s losses versus its US counterpart, as commodities and stocks recovered after the decline on the yesterday’s trading session. The Standard & Poorâs 500 Index rebounded, rising 0.2 percent. On the other hand, the MSCI World Index fell 0.2 percent, following the decline by 0.4 percent. Crude oil rose 0.1 percent in New York, following the yesterdayâs drop by 2.4 percent. Copper went […]
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May 242011
European Crisis Deepens, Stocks Suffer, Dollar Jumps
The US dollar gained against all 16 major currencies today as fear of the European debt crisis caused slump of stocks and drove investors to safe currencies. The Standard & Poorâs 500 Index fell as much as 1.2 percent. The VIX, the index of market volatility, jumped 15 percent to 20, the highest level since March 23. Yields on securities of Ireland, Portugal, Greece, Spain, and Italy rose as bonds slumped. The European troubles help […]
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