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Day: June 2, 2011
June 22011
Euro Gains as EU & ECB Supports Currency
The comments of Germany’s Chancellor Angela Merkel about commitment of the European Union members to support the euro helped the currency to rise today. Merkel said that Germany is ready to support the European currency and voiced her opinion that there is no problem with the euro itself, but rather with some EU members: We donât have a euro problem in Europe. We have more of a debt problem. Financial markets […]
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June 22011
South African Rand Climbs vs. Dollar on Greece’s Bailout
The South African rand jumped today against the US dollar as Germany’s Chancellor Angela Merkel confirmed that the European Union is committed to support the stability of the euro. Merkel said that Germany is committed to preserve the monetary unity and the shared 17-nation currency even as Greece struggles to avoid a sovereign default. The euro often influences rand as the European currency is involved in most of South Africa’s trade. The poor economic data from […]
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June 22011
Another Set of Negative Reports from US Spurs EUR/USD
EUR/USD advanced today as the reports about the US economy were again negative. Moody’s Investor Service said that it may downgrade the US credit rating. EUR/USD currently trades near 1.4479. Initial jobless claims posted the increase to 422k last week from the previous week’s 428k, instead of the expected decrease to 416k. (Event A on the chart.) Revised nonfarm productivity posted the annual growth by 1.8% in the first quarter of 2011, exactly […]
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June 22011
Australian Dollar Weakens on GDP & Trade Balance
The Australian dollar fell against the euro and fluctuated after dropping versus the US dollar and the Japanese yen as the negative impact of the declining GDP and traded balance surplus overshadowed the positive influence of the growing retail sales. The Australian retail sales (seasonally adjusted) grew 1.1 percent in April, following the decline by 0.3 percent in March. The gross domestic product contracted 1.2 percent in the first quarter of 2011 after it expanded 0.8 percent in the fourth […]
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