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Day: October 25, 2011
October 252011
Canadian Dollar Drops as BoC Holds Rate, Cuts Economic Forecast
The Canadian dollar fell today after the Bank of Canada kept the main interest rate unchanged and predicted a slower growth of the nation’s economy, fueling the speculation that the bank will extend the pause on interest rates increases. The Bank of Canada decided to maintain its key overnight rate at 1 percent. The central bank spoke about its outlook for the economy and it was grim: The outlook for the Canadian economy has weakened since July, with […]
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October 252011
India’s Rupee Rebounds on Inflation Pressure
The Indian rupee climbed today after the previous decline as the currency’s weakness spurred the speculation the central bank will intervene to support the currency and trim the inflation. Inflation in India stayed above 9 percent since the beginning of December even after the central bank has increased the interest rates. The weaker currency contributed to the growth of the consumer prices. The Reserve Bank of India may be forced to increase the borrowing costs again to tame the inflation growth. […]
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October 252011
Japanese Yen Strengthens Against Majors
Japanese yen is strengthening against majors today, heading higher against the US dollar, euro and the Great Britain pound. Yen buying is on the rise, as Forex traders look for a little direction for what lies ahead. Earlier, the yen was fairly stable against the US dollar, since Forex traders offloading dollars and buying yen were offset by Japanese firms selling yen in order to invest in offshore resources. However, the dynamic […]
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October 252011
Euro Slips as Some Get a Little Nervous about Tomorrow
Euro saw some solid progress yesterday, but today the 17-nation currency is slipping a bit. Some Forex traders are getting a little nervous about tomorrow. EU leaders say they’ll announce a plan to contain the sovereign debt crisis on Wednesday, but there are some doubts. One of the reasons that there is some skepticism is due to the fact that we’ve been here before. Indeed, European […]
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October 252011
Unexpectedly Bad Fundamentals in US Supported EUR/USD
EUR/USD was trading flat for the most part of today’s trading session, but later started to decline. At present, the currency pair rebounded and is trading near its opening level as the fundamental data from the US was unexpectedly bad. Most reports showed worsening condition of the US economy and all of them were worse than forecasts. S&P/Case-Shiller home price index fell to 140.56 in August from 140.63 in July. The index was […]
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October 252011
Pinbar Pattern Strategy
Pinbar isn’t a new concept in Forex trading. It has a close resemblance to some other candlestick patterns — Hammer and Morning/Evening Star. However, Pinbar has its own nuances, and today I am happy to present the basic Pinbar trading system suggest to me by one of the forum members. It’s a very simple trading system, but it’s hard to get it automated. And, despite the fact that it’s using mainly pending […]
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October 252011
NZD Reverses Rally as Inflation Slows
The New Zealand dollar fell today, following the yesterday’s rally, after the government report showed the inflation slowed more than expected in the third quarter. New Zealand’s Consumer Price Index rose 0.4 percent in the third quarter of this year. That’s compared to the median forecast of 0.7 percent in the growth by 1.0 percent in the second quarter. That’s bad for the currency as the weakening inflation pressure means reduced need for the central bank to increase the interest […]
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