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Day: October 31, 2011
October 312011
Aussie Weakens Ahead of RBA Monetary Policy Decision
The Australian dollar fell today as Forex market participants anticipate an interest rate cut by the Reserve Bank of Australia tomorrow. The Australian central bank will hold a monetary policy meeting tomorrow. Most analysts expect the bank to decrease the main Cash Rate to 4.50 percent from the current level of 4.75 percent as the unfavorable state of the global economy, most importantly the crisis in Europe and the economic slowdown in China, make the current high level of the interest […]
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October 312011
GBP/USD Lower, GBP/JPY Higher
The Great Britain pound dropped today as the outlook for the nation’s economy was pessimistic today, damping demand for the sterling. The pound sometimes considered a refuge from the problems in Europe as traders flee to the currency from the euro. It looks like today traders were more concerned with the economic health of the UK that isn’t much better than Europe’s. Japan’s intervention allowed the sterling to advance against the yen despite the negative outlook for Britain. […]
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October 312011
US Dollar Rises on Safe Haven Demand
US dollar is rising today against major currencies as a safe haven. Concerns about what’s next for the global economy are causing Forex traders to look for safety — and the US dollar is the best choice. Concerns about what’s next for the global economy — especially as it relates to the eurozone — are causing some trepidation for Forex traders. Worry that the plan announced by eurozone leaders last week won’t […]
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October 312011
Bank of Japan Intervenes, Sending Yen Lower
Last week, the Japanese yen continued to strengthen at a rate uncomfortable to leaders. As a result, earlier today, the Bank of Japan decided to directly intervene in order to keep the yen lower. Monday’s intervention marks the third time in 2011 that the Japanese have intervened to keep the yen from strengthening too much. The unilateral intervention was announced by Finance Minister Jun Azumi at 10:25 a.m. Japan time. The last time Japan intervened to keep the yen […]
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