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Day: November 3, 2011
November 32011
No Referendum in Greece, Traders Less Concerned
The Canadian dollar rallied today as traders’ sentiment improved and risk appetite after Greek Prime Minister George Papandreou canceled the planned referendum about the austerity measures required to get the bailout. Europe and its financial instability continue to rule the Forex market, but today FX traders have felt some relief. The referendum in Greece, offered by the Prime Minister, was a grave threat to the Eurozone as it could easily lead to expelling of Greece […]
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November 32011
Rand Jumps After ECB Cut Rates
The South African rand climbed today after the European Central Bank made an unexpected move by reducing its main interest rate. The first monetary policy meeting of the European Central Bank under leadership of the new President Mario_Draghi provided a surprise as the key minimum bid rate was reduced by 25 basis points to 1.25 percent. The rand reacted positively to the news as lower interest rates reduces pressure on the frail economy of the European Union […]
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November 32011
UK Pound Gains as ECB Cuts Rates Unexpectedly
In a surprise move today, the ECB announced a rate cut of 25 basis points. The cut to 1.25 percent, the first move by new ECB president Mario Draghi, surprised nearly everyone. The move has given the UK pound some strength against the euro, and provided the pound with some strength against other currencies as well. As expected, the Bank of England is holding its own rate steady at 0.5 percent. Additionally, the BOE is […]
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November 32011
Euro Heading Higher, Even with Greece on the Brink of Collapse
The Greek government is on the edge of complete collapse. A bailout payment from the EU and the IMF ($8 billion euro due this month) has yet to be made, since there is uncertainty about whether or not Greece will meet the terms of the help. On top of that, Greek leaders are contemplating withdrawal from the eurozone. Rather than sinking the euro, though, this development is allowing the euro to strengthen a little bit. While the initial […]
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November 32011
EUR/USD Goes Up as ECB Reduced Rates & Greek Referendum Won’t Occur
EUR/USD advanced today after the European Central Bank surprised markets, reducing its main interest rate (event B on the chart), and Greek Prime Minister George Papandreou canceled the planned referendum. The European Union leaders threatened to throw Greece out of the Union in case the country would reject the bailout. The lower interest rates are expected to reduce pressure on the EU economy that is unable to sustain higher borrowing costs. The US […]
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November 32011
Won Falls as Traders Look at Greek Referendum with Concerns
The South Korean won dropped today as the tension about the upcoming referendum in Greece continued to damp demand for riskier currencies of emerging markets. The European leaders said that Greece won’t receive any help until the referendum will be conducted. The negative outcome of the referendum may cause the country to leave the European Union. Mario Draghi, who succeeded Jean-Claude Trichet, will lead today his first monetary policy meeting as the President […]
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November 32011
USD Higher vs. Euro, Erases Losses
The US dollar regained its strength against the euro today after yesterday the US currency declined following the decision of the Federal Reserve to maintain the interest rates at the record low level. The Federal Open Market Committee maintained the key federal funds rate at zero to 0.25 percent and confirmed its pledge to keep the rates at the record low levels till at least mid-2013. The FOMC mentioned several problems of the nation’s economy, particularly the employment: Recent […]
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