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Day: May 25, 2011
May 252011
Swiss Franc Jumps to Record vs. Euro
The Swiss franc climbed the record against the euro and advanced versus all other most-traded currencies as the sovereign-debt issues in Europe continue to drive investors to safety. Juergen Stark, a Member of the Executive Board of the European Central Bank, said that restructuring of Greeceâs debt “cannot, must not be the solution”. Olli Rehn, a European Commissioner for Economic and Financial Affairs, said in the interview to the French newspaper Les Echos that Greek debt maturities could […]
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May 252011
Aussie Drops with Completed Construction Work
The Australian dollar fell today on concerns about the impact of Europe’s debt crisis on the global economy and after the report showed that completed construction work grew less than predicted. The preliminary report about Australia’s construction work done showed an increase by 0.7 percent. That’s two times below the median forecast of a 1.5 percent growth. The MSCI Asia Pacific Index of shares fell 0.6 percent. The Credit Suisse AG index […]
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May 252011
Pound Gains as Exports Support GDP Growth
The Great Britain pound strengthened today after the report showed that increasing exports helped to sustain the growth of the UK economy, increasing attractiveness of Britain’s currency to investors. Britain’s gross domestic product grew by 0.5 percent in the first quarter of 2011, unrevised from the previously published estimate. Exports of goods and services rose by 3.7 percent, helping the growth. At the same time, imports fell by 2.3 percent, resulting in the decline of the trade deficit to £5.7 […]
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May 252011
EUR/USD Down, Recovers on Poor US Economic Data
EUR/USD slipped today as the European woes continue to plague markets, but recently it quickly rose, almost erasing losses. The report about durable goods orders was even worse than pessimistic forecasts. Forecast for tomorrow GDP report are optimistic, though. EUR/USD trades at 1.4091 now after dropping as low as 1.4012. Durable goods orders dropped sharply by 3.6% in April, following the 4.4% rally in March. The median forecast […]
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May 252011
Swiss Franc Gains as China’s PMI, Europe’s Debt
The Swiss franc climbed today as the report showed that China’s PMI fell and Europe’s debt problems continue undermine confidence in the global economic recovery. According to the report of the Hongkong and Shanghai Banking Corporation, China’s Purchasing Managers’ Index fell from 51.8 April to 51.1 in May, the lowest level in 10 months. A value above 50 indicates expansion of industry. Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research […]
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