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Day: June 29, 2011
June 292011
Canada’s Currency Erases Losses in Big Jump
The Canadian dollar posted a big jump against most of its major counterparts today as the nation’s inflation accelerated much more than was forecast and commodities, including crude oil, advanced. The Canadian Consumer Price Index grew 0.7 percent in May from April, compared to the median forecast of 0.2 percent growth. The April increase was 0.3 percent. As for negative fundamentals, the report on Canada’s gross domestic product is expected to show […]
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June 292011
US Dollar Loses After Greek Vote
The US dollar fell after the Greek lawmakers supported the proposition of Prime Minister George Papandreou about budget cuts and asset sales, reducing nervousness on markets and erasing attractiveness of the US currency as a safe haven. 155 lawmakers voted for the Prime Minister’s package of budget cuts and asset sales, while 138 voted against this proposition. Parliament will vote tomorrow for implementing of the austerity plan. The positive outcome of today’s vote reinforced the outlook […]
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June 292011
Korea’s Won Jumps on Inflation Forecast
The South Korean won climbed today as outlook for higher consumer prices growth compared to the previous estimates increased appeal of the nation’s assets. According to the statement of the presidential office, the growth of the consumer-price inflation will reach 4 percent this year, compared to the official target of 3 percent. It looks like the Asian nations fare much better than western countries these days and that attracts investors to the region. Currently, markets in the “risk-on […]
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June 292011
Will ECB Raise Interest Rates? Can Euro Support Its Gains?
The euro extended its rally today for the third day on the speculation that the European Central Bank will boost its interest rates even amid the debt crisis in the Eurozone. ECB President Jean-Claude Trichet said yesterday that the policy makers are in “strong vigilance mode”, bolstering the outlook that the bank will increase the borrowing costs next week in order to rein inflation. Greek labor unions closed government institutions as people […]
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June 292011
Greece Accepts Austerity, EUR/USD Erases Gains
EUR/USD snapped its gains after the Greek lawmakers said “yes” to the austerity measures, necessary to get the â¬78 billion aid from the European Union. Some economists commented on this behavior of the currency pair “buy the rumor sell the fact”. The euro returned to upward movement at present. The US housing market showed a staggering recovery last month, adding to the pressure on EUR/USD. The US crude oil inventories are declining with accelerating rate. […]
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June 292011
Loonie Gets Help from Stocks & Commodities
The Canadian dollar advanced for the second day before the start of the current trading session as the rally of the global stocks and commodities bolstered growth-related currencies. Currently markets are driven by hopes for positive outcome of the austerity vote tomorrow. August future for delivery of crude oil, the major export of Canada, gained as much as 2.8 percent to $93.14 per barrel in New York. The Standard & Poorâs 500 Index advanced 1.3 percent, posting the second day […]
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