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Day: October 7, 2011
October 72011
Good Week for Euro Spoiled by Credit Rating Cuts
The euro erased its gains versus most major currencies today as Fitch Rating downgraded credit ratings of Italy and Spain, reminding traders that the story of debt problems in Europe is far from over. Fitch reduced Italyâs credit rating to A+ from AA- and cut Spainâs rating to AA- from AA+. The outlook for both nations is negative. The potential danger of the Eurozone debt crisis was one of the reasons that […]
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October 72011
USD Falls After Non-Farm Payrolls, Rebounds
The US non-farm payrolls grew almost two times of the forecast value, supporting the optimistic outlook for the US employment caused by the ADP report earlier this week. The US dollar fell after the payrolls were released, but currently regained its strength. The US employers added 103,000 jobs in September, compared to the median forecast of 55,000. The August reading was revised from “no change” to the growth by 57,000. The unemployment rate remained at 9.1 […]
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October 72011
Canadian Jobs Data Gives Loonie a Boost
The Canadian dollar has been struggling this past week, experiencing difficulties as economic data has been in doubt. Additionally, the loonie was briefly used as a funding currency for carry trades with the Aussie and the kiwi. Now, though, things are changing a bit. The latest Canadian employment numbers have been released, and it appears that more jobs were added to the payrolls. Indeed, both the US and Canada saw a better than […]
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October 72011
Euro Ready to Lock In Weekly Gain
Euro is heading higher today, ready to lock in a weekly gain. After a bit of a choppy beginning to the week, euro is ready to go out with gains, ending two weeks of losses against the US dollar. For the most part, euro gains today are all about the optimism felt by forex traders and investors on markets around the world. A number of somewhat surprising — and positive — developments are contributing to a new sense […]
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October 72011
Pound Rebounds as Confidence Improves
The Great Britain pound regained its strength today after yesterday’s decline as Forex traders looked at the Bank of England bonds purchasing program more favorably, regaining confidence in Britain’s currency. The BoE announced yesterday that it’s expanding its asset purchase program. The European Central Bank followed the BoE with boosting bonds purchases, but the reaction of Britain’s currency on the monetary decision was completely opposite to the reaction of the euro. While […]
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October 72011
EUR/USD Erases Gains as Fitch Cuts Italy & Spain Ratings
EUR/USD rallied today as the positive US nonfarm payrolls increased risk appetite among Forex traders, but sharply dropped after Fitch Rating cut credit rating of Italy and Spain. Payrolls rose in September much more than were predicted, while the growth in the prior month was upwardly revised. Other reports were also good, with the notable exception of consumer credit that unexpectedly slumped in August, showing the worst […]
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October 72011
Australian and New Zealand Dollars Head to Weekly Gain
The Australian and New Zealand currencies gained today, heading to weekly gain, as stocks rallied after the central banks of the European Union and Great Britain made efforts to stimulate economies of their nations. The European Central Bank signaled yesterday about its readiness to support the EU banks. The European Commission is planning injections of funds into the region’s banking system. The willingness of the EU officials to act in response to Europe’s problems has been welcomed […]
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