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Day: June 15, 2011
June 152011
Swiss Franc Rallies vs. Euro on Protests in Greece
The Swiss franc rallied against the euro as people in Greece are protesting against the austerity measures and Greece’s Prime Minister George Papandreou may resign. The currency slipped versus the US dollar and the Japanese yen. As much as 20,000 protesters in Greece went on demonstrations against the planned wage cuts and tax increases. The police forces fired teargas at the protesters. Papandreou offered to resign to allow the formation of a unity government if all opposition parties would […]
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June 152011
Pound Slides on Rising Jobless Claims & Slowing Wage Growth
The Great Britain pound tumbled today as the government reports showed that the number of unemployment claims unexpectedly increased and the wage growth slowed. The number of people seeking unemployment benefits rose to 19,600 in May from 16,900 in April, according to the report of National Statistics. The unemployment rate stayed at 7.7 percent. The average earnings growth slowed to 1.8 percent in April from 2.4 percent in March. GBP/USD slid to 1.6272 from 1.6369 today as of 11:36 […]
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June 152011
Debt Crisis Eats Away Euro’s Strength
The euro slumped today, erasing this week’s gains against the US dollar, on concerns that the European Union leaders won’t be able to reach agreement about measures necessary to battle the debt crisis. German Chancellor Angela Merkel and French President Nicolas Sarkozy will meet on June 17 in Berlin as the pressure to resolve their disagreement strengthens. Standard & Poor’s lowered its long-term sovereign credit ratings on Greece to ‘CCC’ […]
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June 152011
EUR/USD Tumbles as Europe’s Crisis Worsens
EUR/USD slumped today, erasing all gains of this week, as the European leaders can’t find an agreement about measures to deal with the sovereign-debt crisis. Greece’s credit rating was downgraded to the lowest possible ‘CCC’ on June 13. The fears of the possible default drove the euro to the downside even as the US economic data was very poor today. EUR/USD trades at 1.4218 now, falling from 1.4438. CPI increased 0.2% in May on a seasonally […]
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June 152011
Pound Weakened by Slowing Inflation
The Great Britain pound weakened today as the reports showed that the core inflation slowed and the retail price index remained unchanged last month. The consumer price index remained at 4.5 percent in May (year-on-year) as was expected. Yet the core inflation decreased to 3.3 percent from 3.7 percent, while only a small drop to 3.6 percent was expected. The retail price index surprised traders unpleasantly, remaining at 5.2 percent despite […]
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