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Day: August 23, 2011
August 232011
Yuan Gets Stronger as China Expected to Allow Gains
The Chinese yuan gained today on the speculation China will allow the currency to appreciate to combat inflation that accelerates with fast pace. China’s central bank set the exchange rate at 6.3987 per dollar, increasing the fixing for the second straight day. Market analysts explain that China needs help of a strong currency to deal with the fast growth of the consumer prices. Today’s report that showed growth of manufacturing confirmed the trend for increasing […]
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August 232011
Dollar Falls on China’s & Europe’s Manufacturing
The US dollar declined today, along with other safe currencies, as manufacturing growth in Europe and China was somewhat higher than was predicted by forecasters, reducing demand for the currency as a safe haven. HSBC Flash China Manufacturing PMI was at 49.8 in August, somewhat higher than the median forecast of 49.7 and the highest level in two months. Flash Eurozone Manufacturing PMI was at 49.7 this month, a little higher than expected […]
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August 232011
EUR/USD Up as Manufacturing Grows in Europe, Declines in US
EUR/USD rallied today after the report showed a better than expected value for manufacturing growth in the Eurozone. (Event A on the chart.) The currency pair started to fall by 9:30 GMT, but currently attempts to resume rally as the US manufacturing declined even more than was predicted. New home sales were at a seasonally adjusted annual rate of 298k in July, decreasing from June value of 312k. Small increase to 313k was expected. (Event […]
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August 232011
Franc’s Rally Fails on Euro-Peg Speculation
The uncertain economic situation on market creates great demand for safer currencies. Governments, worried by resulting appreciation, attempt to intervene to rein excessive appreciation of such currencies. Today, the Swiss franc was one of the currencies that felt pressure. The franc is still feeling support as the problems of economic across the world drive investors to safety of the Swissie. On the other hand, prospects of euro-peg make them reluctant to rely on the currency too much. As a result, the franc […]
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