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Day: June 21, 2011
June 212011
Papandreou May Win Confidence Vote, Euro Rises
The euro gained today as stocks and commodities rallied on the speculation that Greek Prime Minister George Papandreou will win a confidence vote in the parliament. Papandreou needs parliamentary approval of budget and asset sales that are required to receive the bailout from the European Union and the loan from the International Monetary Fund. It’s hard for the Greek government to press the planned austerity measures as most Greeks understandably aren’t fond of spending cuts. But Forex […]
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June 212011
Sheqel Gains on Interest Rates Swaps
The Israeli New Sheqel rose today as the difference between Israel’s and the US interest rates attracted investors to the currency. The Bank of Israel raise the key interest rate four times this, boosting the rate by 125 basis points to 3.25 percent. The last interest rates hike was on May 23, when the central bank increased the benchmark rate by quarter percentage point. The next policy meeting will be on June 27 and the bank is […]
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June 212011
Australian Dollar Falls on Monetary Policy Minutes
The Australian dollar weakened today after the minutes of the Reserve Bank of Australia monetary policy meeting indicated that there’ll be no increase of the interest rates in the near future. The minutes explained the difficulties of the Australian economy, including the declining GDP and the “soft” housing market, as well as influence of the foreign problems. The minutes said that “further tightening in monetary policy would be necessary at some point”. But the central bank’s policy makers remained […]
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June 212011
Loonie Gains vs. Greenback on Fundamentals, Falls vs. Euro
The Canadian dollar advanced versus the US dollar on the good outlook for today’s Canadian macroeconomic reports, while fell against the euro as promises of resolution of the Greek crisis bolstered Europe’s shared currency. Analysts estimated, before the report from Statistics Canada, that the Canadian retail sales rose 0.6 percent in April. The core retail sales increased 0.5 percent, following the drop by 0.1 percent in April. The growth of the leading index was estimated […]
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June 212011
US Dollar Falls as Traders Expect Fed Would Maintain Stimulus
The US dollar weakened on today’s trading session as analysts say that this week’s reports will show weakness of the US housing market. The unfavorable fundamentals will likely prompt the Federal Reserve to keep interest rates near zero, undermining the dollar. Today’s report from the National Association of Realtors is expected to show that existing home sales fell from 5.05 million to 4.82 million in May. New homes sales […]
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