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Day: October 27, 2011
October 272011
EUR/USD Surges Past 1.41 Level on Eurozone Deal
Forex traders are almost delirious with happiness today as eurozone leaders announced a deal to contain the sovereign debt crisis — at least for now. Private bondholders will be taking a nominal 50% haircut on Greek debt, and everyone seems happy about it. For now, this has propelled the euro higher in Forex trading. EUR/USD has surged beyond the 1.41 level. However, there are some worries that the situation […]
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October 272011
Rand Jumps on Positive News from Europe
It looks like the European leaders have reached consensus about some questions they were discussing during their meetings. The signs of progress in resolving Europe’s crisis were welcomed by traders and riskier currencies, including the South African rand, gained. Traders were holding breath as the European Union chiefs were struggling to find a cure for the ailments of the EU economy. Absence of any clear plans to resolve the problems was frustrating and depressing […]
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October 272011
Canadian Dollar Strengthens against US Dollar
As the Europeans announce a debt agreement, the Canadian dollar is strengthening against the US dollar. It’s been more than a month since the loonie has reached this level against the greenback, but some think that the strength is more a function of general greenback weakness today. With the Bank of Canada forecast for Canadian economic growth cut earlier this week, there isn’t a whole to cheer about in terms of the loonie. Indeed, […]
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October 272011
EU Closer to Agreement on Debt, Korea’s Won Gets Stronger
The South Korean won climbed today on the positive outlook for the economy of Asia’s nations and the signs of progress in making the plans to resolve the sovereign debt issues in Europe. French President Nicolas Sarkozy said today that the European Union leaders convinced banks to write down 50 percent of the Greek debt. China commented that the agreement will bring “new vitality into European integration”. Sarkozy also said the International Monetary Fund will […]
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October 272011
EUR/USD Surges as EU Leaders Make Headway in Rescue Plans
EUR/USD surged today to the highest level since September 7 as the European leaders made progress in devising plans for helping the most-indebted members of the European Union. The EU chief agreed to increase the bailout fund and to write down part of Greece’s debt. The US economy was expanding with faster pace in the past three months, but the reports about the housing market make traders scratch their heads. The bad report was followed by the good […]
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October 272011
RBNZ Signals About Possible Interest Rates Hike, NZD Higher
The New Zealand dollar gained today, extending its rally for the second day, after the Reserve Bank of New Zealand key its target interest rate unchanged, but suggested that an increase is possible in the future. The RBNZ left its key Official Cash Rate (OCR) unchanged at 2.5 percent. Reserve Bank Governor Alan Bollard explained the factors that currently prevent the central bank from tightening the monetary policy: […]
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