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Day: August 24, 2011
August 242011
Loonie Feels Better with Good Signs from US
The Canadian dollar gained today versus most its major peers as the signs of stronger US economic growth and anticipation of new round of quantitative easing in the US improved prospects for the Canadian currency. Canada and its currency depend on the economy of the United States as the US is the major trading partner of Canada. Therefore, better prospects of the economic growth of Canada’s neighbor help the Canadian currency. US durable goods orders rose 4.0 percent in July, […]
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August 242011
Dollar Gains Before Bernanke Speech
The US dollar advanced today against all major currencies as Forex traders expect Federal Reserve Chairman Ben S. Bernanke will signal this week about additional stimulus for the US economy. Bernanke will speak at the conference in Jackson Hole, Wyoming, on August 26. Many market analysts don’t believe that Bernanke will announce the third round of quantitative easing openly. Yet they think Chairman may give […]
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August 242011
Franc Gains as Markets Return to Risk Aversion
The Swiss franc snapped its decline today as the speculation about potential slowdown of the global economic growth returned attractiveness to safe currencies. The poor report about business climate in Germany was followed by the data from Eurostat that showed an unexpected decline of industrial new orders in the Eurozone. The decline was 0.7 percent in June, while economists expected an increase by 0.6 percent. Market analysts expect more negative reports this week, […]
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August 242011
German Business Climate Makes NZ Dollar Less Attractive
The New Zealand dollar fell today as the unfavorable report about business climate in Germany decreased appeal of higher-yielding currencies. The Ifo Business Climate Index for German industry and trade dropped from 112.9 in July to 108.7 in August, the lowest level since October 2010. The expected value was 111.2. The report wasn’t completely pessimistic, saying: The current business situation, however, continues to be assessed overall as good, although the situation appraisals in recent […]
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August 242011
EUR/USD Fluctuates on Uncertainty About Global Economy
EUR/USD fluctuated today as the global economy showed both good and bad signs, leaving traders unsure how to react. US durable goods orders turned out to be much better than expected last month putting pressure on the currency pair. Durable goods orders rose 4.0% in July, almost two times higher than forecast 2.1%. The increase followed the decline in June that was revised from 2.1% to 1.3%. […]
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August 242011
Moody’s Downgrades Japan, Yen Rallies
The Japanese yen gained against the euro and erased losses versus the dollar today after Moody’s Investor Service downgraded Japan’s rating. Moody’s cut Japan’s government rating to Aa3 from Aa2 and issued stable outlook. The rating agency rationalized the decision: The rating downgrade is prompted by large budget deficits and the build-up in Japanese government debt since the 2009 global recession. Several factors make it difficult for Japan to slow the growth […]
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August 242011
Franc Falls for Second Day on Risk Sentiment
The Swiss franc weakened for the second trading session as the positive macroeconomic data from Europe boosted stocks and commodities, reducing investors’ need for safety of the franc. The French Flash Services PMI jumped from 54.2 in July to 56.1 in August. Much smaller increase to 53.3 was expected. The German Flash Manufacturing PMI stayed at 52.0 this month, while it was predicted to fall to 50.9. There were plenty of bad reports as well, […]
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