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Day: August 12, 2011
August 122011
Franc Continues Run Down on Prospect of Euro-Peg
The Swiss franc extended its losses as traders are worried that the Swiss government is ready to go for extreme measures to tame the excessive appreciation of the currency. Swiss National Bank Vice President Thomas Jordan signaled that peg of the Swiss currency to the euro isn’t impossible. The franc fell heavily after the news, posting the biggest decline against the euro since the introduction of the shared European currency. Perhaps Switzerland’s central bank has […]
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August 122011
Korea’s Won Retreats After Rally
The South Korean won rose earlier this day, bolstered by yesterday’s report about the US jobless claims, but later retreated on the inflation threat. Unemployment claims in the US declined from 402,000 to 395,000 last week. The median forecast was 401,000. Finance Minister Bahk Jae Wan said today that high inflation is still a threat as adverse weather curbed food production in South Korea, while the low US […]
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August 122011
Mixed US Fundamentals Leave EUR/USD Without Clear Trend
EUR/USD was moving today without any particular pattern. It was falling at the start of the trading session, reversed its downward trend only to fall again. Currently the currency pair slowly crawls back to the upside. The fundamental reports were also confusing. Retail sales were better than expected, but consumer confidence fell, and fell more than was anticipated. US retail sales rose 0.5% from June […]
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August 122011
NZ Dollar Heads for Second Weekly Drop
The US dollar fell today, heading for a second weekly decline, as the problems of the US and Europe makes traders less willing to invest in currencies perceived to be riskier. The currency of the South Pacific nations is linked to economic growth and thus reacts negatively to the prevalent pessimistic mood on markets. Such mood intensifies as the threat of the debt crisis spreading to Italy and Spain increases. The economic situation in the US isn’t much better and the report about consumer sentiment […]
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August 122011
Osborne Refuses Review Spending Cuts, Boosting Pound
UK Chancellor of the Exchequer George Osborne rejected demands of the opposition to reconsider the spending cuts that are biggest since World War II. The Great Britain pound reacted positively to the news. Opposition to the spending cuts is strengthening as riots and looting in London intensifies and spreads to other cities. Yet Britain’s government remains firm in their intention to maintain the record cuts. Osborne explained that the credibility of the UK austerity measures helped in attracting […]
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