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Day: June 8, 2011
June 82011
EUR/USD Down on Renewed Worries about Europe
EUR/USD fell today on fears that the debt crisis in Europe may worsen. Yesterday the currency pair rose as Federal Reserve Chairman Ben S. Bernanke signaled that the Fed is going to maintain its quantitative easing program “as US economic growth so far this year looks to have been somewhat slower than expected”. EUR/USD trades at 1.4585 now. Crude oil inventories decreased by 4.8 million barrels […]
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June 82011
Yen Profits from Fears of European Crisis
The Japanese yen rose today as the concern that the sovereign-debt crisis in Europe will worsen bolstered attractiveness of Japan’s currency as a safe haven. The International Monetary Fund lent â¬26 billion euro, but said that the loan “entails important risks”. Germany’s Finance Minister Wolfgang Schaeuble stated that bondholders have to contribute a “substantial” portion of a second bailout package for Greece. The MSCI World Index retreated 0.2 percent. USD/JPY went […]
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June 82011
Pound Goes Lower on Shop-Price Inflation & Retail Sales
The Great Britain pound weakened today after the report showed that the growth of the UK shop prices slowed and retail sales decreased in May. British Retail Consortium reported that the retail sales posted an annual decline by 2.1 percent in May, following the growth by 5.2 percent in April. The shop-price inflation decreased to 2.3 percent in May from 2.5 percent in April. Stephen Robertson, Director General, British Retail Consortium, explained the sharp […]
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June 82011
Australian Dollar Falls on Concerns for Economic Growth
The Australian dollar dropped today on the mounting concerns about the slowdown of the global economic recovery, caused by the debt crisis in European and the unfavorable economic data from the US. The International Monetary Fund said that its aid program for Portugal “entails important risks”. The IMF also said that “important challenges remain to overcome sovereign debt problems in the euro area”. These words reduced optimism for the Eurozone economic stability, even though the IMF […]
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June 82011
US Dollar Weakens on Bernanke Speech
The US dollar weakened after Federal Reserve Chairman Ben S. Bernanke suggested that the Fed should maintain stimulus as “US economic growth so far this year looks to have been somewhat slower than expected”. Such dovish statement wasn’t surprise for Forex traders after the terrible economic reports last week. Still, the speech was negative for the dollar as it reduced probability that the Fed will lift […]
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