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Day: November 22, 2011
November 222011
India’s Rupee Drops to Record
The Indian rupee sank today as the negative outlook for the country’s economy and the unfavorable developments in the global economy hurt the prospects for the currency. The Reserve Bank of India slashed its forecast for the nationâs growth to 7.6 percent from 8 percent. India’s trade balance deficit widened to a 17-year high of $19.6 billion in October and may increase further in case oil prices would push the import bill higher. The central bank voiced concern about the weakness […]
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November 222011
US Dollar Fluctuates on Mixed Macroeconomic Reports
The US dollar was rising today, but now declines after the reports showed that the US economic growth were less than previously estimated, but the conditions for the US manufacturers improved. The US gross domestic product rose 2.0 percent in the third quarter, according to the preliminary estimate of the Bureau of Economic Analysis. That’s worse than the previous estimate of 2.5 percent, but better than the 1.3 percent increase in the second quarter. […]
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November 222011
Aussie Retreats as Risk Aversion Sets In
Aussie is retreating after showing some signs of gains earlier. Now, though, Aussie is heading lower as risk aversion sets in. Concerns about sovereign debt in Europe, and the budget issues plaguing the US, are weighing on riskier currencies today. Earlier, as US stocks pared gains and headed higher, the Australian dollar showed signs of gains, supported, in part, by recovering gold prices. Now, even though gold prices […]
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November 222011
Euro Higher for Now, But Debt Remains a Problem
Euro is higher right now, gaining as some Forex traders engage in short covering. However, the 17-nation currency is still vulnerable to debt problems — in the eurozone and in the US. For now, euro is getting a bit of a boost after some choppy trading yesterday, and a flight to safety for markets. Middle East demand has helped support the euro up until now in today’s Forex trading, but that could easily fade. […]
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November 222011
SA Rand Rebounds on Outlook for Interest Rates
The South African rand rebounded today after yesterday’s decline on the speculation the central bank will keep its interest rates unchanged, continuing to draw foreign investors. South Africa’s interest rates are important for the rand as the differential between the South African rates and the borrowing costs in the developed markets attract investors interested in carry trades. The main interest rate of South Africa is at 5.5 percent, compared to 0.25 percent in the USA, 1.25 […]
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November 222011
EUR/USD Jumps Up & Down on Mixed Fundamentals
EUR/USD was volatile today as the impact of concerns about Europe and the resulting demand for the dollar as a safe haven was negated by worries about the situation in the United States. The congressional deficit-reducing supercommittee failed to reach consensus on spending cuts required to tackle the budget shortfall. Despite the political impasse, rating agencies signaled that they aren’t going to lower the US credit rating. The fundamental reports were also mixed today as the better-than-expected report about […]
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November 222011
Global Economy Unfavorable for Riskier Currencies, Brazilian Real Drops
The Brazilian real ticked down as the developments in the global economy made investors favor safer assets over riskier ones. The US politician weren’t been able to agree on budget cuts. Germany’s Finance Ministry admitted that the nation’s economic growth was “noticeably slower”. All in all, it remains very hard to convince investors to buy riskier currencies, even with promises of higher yield. Unfortunately for Brazil and its currency, the foreign […]
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