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Day: November 2, 2011
November 22011
Malaysia’s Ringgit Goes Down as Tension Grows
The Malaysian ringgit went lower today as traders fear the Greek referendum may destabilize already “unpleasant” situation in Europe and that fears eat away their willingness to buy riskier currencies of emerging markets. Government spokesman Angelos Tolkas announced yesterday that Greece will proceed with the referendum on the measures required to get aid from the “troika” (the European Union, the European Central Bank and the International Monetary Fund). French President Nicolas […]
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November 22011
NZ Dollar Falls as Greece Hurts Market Sentiment
The New Zealand dollar retreated today as the concerns about the Greek referendum continue to plague markets and the Asian stocks declined. Previously, investors feared an orderly default in Greece. Now, a potential negative outcome of the Greek referendum has brought a very real possibility a disorderly default. The MSCI Asia Pacific Index fell 1.1 percent. The New Zealand currency may find a support tomorrow from the employment report. Analysts predict the report to show […]
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November 22011
Canadian Dollar Moves Higher as Cautious Optimism Shows
Cautious optimism is helping the Canadian dollar right now as stocks recover from the last two days of big losses. Risk appetite is making a cautious appearance on good news out of the US. The FOMC is meeting today, wrapping up a two-day conference. However, with the latest ADP news indicating that jobs were added to the US economy, it looks as though it will be a non-event — and QE3 […]
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November 22011
Euro Finds Some Support in Forex Trading
After yesterday’s struggles, the euro is finding some support to day on the currency market. Euro is making gains, despite the problems that continue to plague the eurozone. Concerns about what happens next with Greece are still causing some trouble, limiting gains by the euro, but the 17-nation currency is moving higher today. Greek Prime Minister George Papandreou managed to get his cabinet to agree to a referendum on the eurozone […]
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November 22011
EUR/USD Rallies as FOMC Keeps Rates Record Low
EUR/USD rallied today even though concerns about the planned referendum in Greece regarding the austerity measures required to get bailout rule the Forex market. The euro reversed its upward movement for a short time, but currently it resumed its rally. The Federal Reserve helped the currency pair buy keeping the interest rates low and reiterating its pledge to hold the rates for a long time. The employment report from ADP showed the improvement […]
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November 22011
Yen Again in Favor of Traders
The Japanese yen returned its strength as the unclear prospects of the Greek referendum make traders to seek safer currencies and Japan’s one remains an obvious option in such cases. The expected referendum in Greece makes Forex traders anxious. What if the referendum would end in “no” vote? A default is most likely outcome, and a disorderly one. And a negative vote is a definite possibility, considering how bad most of Greece’s citizens are feeling […]
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November 22011
Franc Down as Swiss Economy Loses Momentum
The Swiss franc dropped today as the declining retail sales and the PMI spurred the speculation that Switzerland’s economy is losing steam. The retail sales fell 0.9 percent in September from a year ago after declining 0.8 percent in August. The actual reading was nowhere near the forecasts of a 2.3 percent growth. The SVME PMI was at 46.9 in October, while the index was at 48.2 in the previous month. Economists hoped for a smaller drop to 47.8. […]
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