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Day: August 9, 2011
August 92011
Pound Drops with Higher Trade Deficit
The Great Britain pound dropped after macroeconomic data provided today some unpleasant surprises, including the unexpected growth of trade balance deficit and decline of manufacturing. The UK trade balance deficit widened to £8.9 billion in June from £8.5 billion in May. Traders hoped for decrease of the deficit to £8.2 billion. Manufacturing production declined with the annual rate of 0.4 percent in June. The contraction followed the advance by 1.8 percent in the month before. Market […]
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August 92011
Fed Plans Keep Zero Rates till 2013, Dollar Hurt
The US dollar slumped against some other currencies, including the euro, the yen and the franc, after the Federal Reserve kept its key Federal Fund rate near zero and signaled that it may keep interest rates exceptionally low till mid-2013. The Federal Open Market Committee said in its statement that “economic growth so far this year has been considerably slower than the Committee had expected”. […]
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August 92011
FOMC May Keep Zero Rates for 2 Years, EUR/USD Up
EUR/USD currency pair was slowly declining today, but jumped after the Federal Open Market Committee maintained the interest rates near zero and suggested that it may keep the exceptionally low rates for the next two years. The extremely dovish statement wasn’t very helpful for the euro, though, as it erased its gains, caused by the FOMC decision, almost immediately. The currency pair still remains above the opening rate at present. […]
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August 92011
Australian Dollar Attempts Stop Decline, Fails
The Australian dollar attempted to pare its losses today after Asian stocks rebounded, but this attempt wasn’t successful, meaning that the currency heads for a ninth straight session of losses. The MSCI Asia Pacific Index posted a decline of 1.7 percent, rebounding from the drop by 5.5 percent. The Australian currency also rebounded from its intraday decline by 2.5 percent against the US dollar, but currently resumed movement to the downside. […]
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August 92011
Impact of BoJ Intervention on Yen Wanes
The Japanese yen jumped against all other most-traded currencies today as traders fled to safety of the yen, fearing the financial problems of the US and Europe. The Japanese policy makers signaled that they may take steps to curb gains of the currency. In fact, the Bank of Japan already intervened on August 4, but the impact of the move almost waned at present. This situation isn’t unlike the one in Switzerland, where the central bank also fights with […]
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