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Day: May 31, 2011
May 312011
EUR/USD at Highest Level in Three Weeks
EUR/USD jumped today to the highest level in three weeks on anticipation of a bailout for Greece. All US economic reports were below forecasts today, further boosting the currency pair. EUR/USD trades near 1.4378 now. S&P/Case-Shiller home price index (seasonally-adjusted) declined by 3.5% in March 2011 from March 2010. Traders expected the index to decline with the February rate of 3.4%. (Event A on the chart.) Chicago PMI slipped to 56.6 in May from […]
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May 312011
South Korean Won Gains as Worries About Greece Eases
The South Korean won rose today against the US dollar as speculations that Greece will receive aid increased demand for higher-yielding assets. The South Korean Kospi index rose 2.3 percent as Asian stocks gained. Jean-Claude Juncker, Prime Minister of Luxembourg, said that European Union officials will make decision on a new bailout for Greece by the end of June. South Korea’s factory production rose 6.9 percent in April from […]
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May 312011
New Zealand Dollar Surges to Record on Business Confidence
The New Zealand dollar jumped today against its US counterpart to the all-time high as business confidence improved to the highest level in almost a year, boosting outlook for interest rates. The National Bank of New Zealand reported today that 38 percent of businesses expect better times for the economy over the coming year, compared to 14.2 percent in April. That was the highest level of confidence since June 2010. The Credit Suisse index showed […]
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