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Day: July 29, 2011
July 292011
Loonie Declines as Economy Contracts
The Canadian dollar fell sharply against all of its major counterparts today, following the unexpected negative GDP report. The loonie dropped to its July 19 level against the US dollar, the lowest value against the euro since July 8 and slid to March 18 rates against the Japanese yen today. The currency also decreased against the outsider of the day — the Australian dollar. It’s quite clear that today’s bearish behavior is […]
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July 292011
Dollar Falls on US Growth Slowdown
The US dollar fell sharply against some of the major currencies today, following a report that showed that the economic growth in the second quarter of 2011 was worse than expected. The greenback was trading at a rather high level against the other currencies earlier today, advancing significantly both against the euro and the Great Britain pound before 12:30 GMT today. Following the US GDP report, it slid to bearish against the euro […]
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July 292011
EUR/USD Surges as US Economic Output Increases Too Slowly
The euro rallied against the US dollar today immediately after the GDP report was released in the United States and continued to rise afterwards as more dollar-negative data figures were released there. Annualized GDP growth in the second quarter of 2011 was at 1.3% in US. The growth followed a 0.4% rise (revised negatively from 1.9%) registered in the first quarter. The forecasts were pointing at 1.8% growth for the current report. (Event A on the chart.) Chicago PMI […]
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