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Day: September 8, 2011
September 82011
South Korea Keeps Rates Unchanged, Won Down
The South Korean won fell today after the nation’s central bank decided to keep its main interest rates unchanged, signaling that the economic recovery is faltering. The Bank of Korea maintained its key Base Rate unchanged at 3.25 percent. The bank said in the statement: Based on currently available information, the Committee considers that, while emerging market economies have shown favorable performances, the recoveries in major advanced economies including […]
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September 82011
EUR/USD Sharply Drops on Pessimistic Speech of ECB President
EUR/USD posted a biggest drop in a month today as European Central Bank President Jean-Claude Trichet said that the ECB policy makers “expect the euro area economy to grow moderately, subject to particularly high uncertainty and intensified downside risks”. (Event A on the chart.) Market participants speculated that such words mean the ECB may cut its interest rates. Federal Reserve Chairman Ben S. Bernanke also spoke today, talking […]
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September 82011
Australian Dollar Falls as Unemployment Grows
The Australian dollar fell today after the employment data came out much worse than was expected, prompting the speculation that the central bank will cut its interest rates. The number of employed persons in Australia decreased by 9,700 in August, being nothing near the median estimate of an advance by 10,700. July decline was revised from only 100 to 4,100. The poor employment resulted in the unexpected increase of unemployment rate to 5.3 percent. […]
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September 82011
Euro Advances as Stocks Rally. Future Still Looks Uncertain
The euro gained against the US dollar and the Japanese yen as equities advanced and on the speculation the European Central Bank won’t reduce interest rates, but gains of the shared European currency were limited because of concerns about the financial crisis in the region. Market participants speculate that ECB President Jean-Claude Trichet would refuse to cut borrowing costs, increasing supply of cash to bank of the Eurozone instead. Many economists are concerned about such […]
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