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Day: July 1, 2011
July 12011
Canadian Dollar Jumps, Ending Very Good Week
The Canadian dollar jumped today, ending this week without losses against its US counterpart, as risk appetite, caused by the improvement of the Greek situation, spurred demand for higher-yielding currencies. Canada’s gross domestic product was unchanged in April after increasing 0.3 percent in March, while a drop by 0.1 percent was expected. Crude oil, the main Canada’s export, advanced 4.2 percent this week, the biggest weekly gain since […]
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July 12011
No Need for Safety, Franc Becomes Less Attractive
The Swiss franc dropped today against other most-traded currencies as signs of the global economic recovery and the positive changes with the debt situation in the Eurozone reduced demand for safer assets. Ulrich Leuchtmann, the head of foreign-exchange strategy at Commerzbank AG, explained his opinion about the recent weakness of the franc: The Swissie was quite a good safe-haven currency, especially if you wanted to flee the euro because of its short- term risks. With the short-term […]
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July 12011
Higher South Korea’s Inflation Leads to Gains for Won
The South Korean won climbed today to the highest level in almost three years, heading to the second weekly gain, after the government report showed that inflation grew with faster pace last month. South Korea’s consumer prices increased 4.4 percent in June from a year ago, compared to the 4.1 percent increase in May and the central bank’s 4 percent target. Exports rose 14.5 percent, leading to the trade surplus of $3.3 […]
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July 12011
EUR/USD Drops for First Time in Five Days
EUR/USD dropped today for the first day after four days of gains. The currency pair is likely to post the first weekly gain after the three weeks of losses and it posted a monthly gain in June. The PMI unexpectedly rose in June, while construction spending also provided surprise, but unpleasant one. EUR/USD trades now at 1.4490. Michigan Sentiment Index was revised slightly down to 71.5 from the preliminary estimate of 71.8. […]
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July 12011
Slower Manufacturing Growth Makes Sterling Weaker
The Great Britain pound slipped today as the unexpected drop of the UK manufacturing PMI caused investors to trim their bet on an increase of interest rates by Britain’s central bank. The UK Manufacturing Purchasing Managers’ Index dropped from 52.0 in May to 51.3 in June. Traders hoped for an increase to 52.2. The report also said that growth of employment was slowest in nine months. GBP/USD dropped from 1.6053 to 1.6032 today as of 10:03 GMT after […]
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July 12011
Stocks & Commodities Helps Loonie Erase Losses
The Canadian dollar jumps today for the fourth day, erasing its monthly losses against the US dollar, as the positive outcome of the second Greek vote boosted commodities and stocks, increasing appeal of higher-yielding currencies. The Greek Parliament first voted for the austerity and today the second vote (for implementation of the tightening measures) passed. August futures for delivery of crude oil, the key export of Canada, rose 0.4 percent to $95.10 per barrel in New York after it […]
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