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Day: October 18, 2011
October 182011
Improving Economy of US Results in Rally of CAD
The Canadian dollar advanced today after the data from the US improved outlook for Canada’s southern neighbor and muted the negative impact of the fears of Europe’s sovereign-debt crisis. Crude oil rose 2.4 percent to $88.37 per barrel in New York, following the drop by 0.9 percent. Oil is the chief export of Canada. According to the US Bureau of Labor Statistics, the Producer Price Index advanced 0.8 percent in September (seasonally adjusted). That’s an improvement […]
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October 182011
China’s Economic Growth Helps Aussie, RBA Signals About Rates Cut
The Australian dollar climbed today as the strong growth of China’s economy increased attractiveness of Australia’s currency. The Reserve Bank of Australia suggested the policy makers may cut the interest rates in the near future. China’s gross domestic product grew 9.1 percent in the third quarter from a year ago. The increase was less than the 9.5 percent advance in the second quarter, but the slower growth means lower probability of additional measures from the government […]
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October 182011
Japanese Yen Heads Higher on Risk Aversion
It’s probably not surprising to most Forex traders that the Japanese yen is higher today, thanks to all the uncertainty in the financial markets — and the uncertainty for the economy. Risk aversion is high today as concerns about the future of regional economies, and the global economy, dominate the markets. As a result, Forex traders are looking for safe havens, and the Japanese yen is near the top of the list when investors want a stable currency. In the US, concerns […]
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October 182011
UK Pound Lower on Stagflation Worries
UK pound is heading lower today in Forex trading against the US dollar on all the concerns about what’s next for the British economy. Right now, it appears that stagflation might be the name of the game. For the last couple of years, the Bank of England has been trying to stimulate economic growth, while at the same time keeping inflation in check. It’s a tightrope walk, and it doesn’t seem to have been working very […]
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October 182011
Euro Down for Second Day as Sentiment Deteriorates
The euro today extended its drop for the second day after Moody’s Investor Service warned that France’s credit rating is in danger and Germany’s economic sentiment deteriorated. Moody’s explained that the negative consequences of the Europe’s debt crisis and the global economic slowdown may hurt France’s economy and, as a result, lead to a downgrade of the nation’s debt rating. The ZEW Indicator of Economic Sentiment for Germany dropped to -48.3 in October from -43.3 in the previous […]
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October 182011
EUR/USD Extends Decline as Moody’s Says France’s Rating in Danger
EUR/USD dropped today for the second day as Moody’s Investor Service added to worries about Europe, saying that France’s top credit rating is threatened by the region’s debt crisis. At the same time, the economy of the US showed sings of improvement, alleviating concerns about a potential economic slowdown. PPI rose 0.8% in September, seasonally adjusted, compared to the median forecast of a 0.2% growth. The index was unchanged in August. (Event A on the chart.) Net foreign […]
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