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Day: November 23, 2011
November 232011
US Dollar Rises as German Auction Confirmed Problems of EU
The US dollar rose today as the German bond auction could be considered a disaster, fueling fears of the European debt contagion, while the US economy showed the signs of recovery. Germany auctioned its debt today and missed its maximum target by 35 percent, sending yield higher and reinforcing the negative outlook for the future of the European economy. Economists explained that the bad outcome of the auction doesn’t mean that the German economy is bad, […]
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November 232011
Euro Continues to Tumble
Euro continues to tumble in Forex trading, dropping as the news out of Europe continues to disappoint traders everywhere. Yesterday, euro showed some spunk, but, once again, the 17-nation currency has been able to hold on to any gains. As nearly everyone is becoming accustomed to, the news is of a failure to come to an agreement about how to handle sovereign debt in the eurozone. Once again, talks amongst European leaders have resulted in nothing […]
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November 232011
Rupee Rebounds as Central Bank Supports Currency, But Falls Again
The Indian rupee rebounded today after seven sessions of decline on the speculation that the central bank will intervene to stem the currency’s losses, but resumed its drop later. Reserve Bank of India Governor Duvvuri Subbarao said that the bank “can and will intervene” in the proper time to reduce impact of the currency markets volatility on the economy. The Reserve Bank removed the $100 million net foreign-exchange ceiling on the currency swaps in an attempt to increase supply […]
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November 232011
NZ Dollar Drops as Sentiment Remains Unfavorable
The New Zealand dollar fell today as the continuing problems in the European Union ensure that risk aversion sentiment remains in place, damping the attractiveness of the currencies related to economic growth. The rising borrowing costs of the European nations continue to have a negative impact on investors’ willingness to buy riskier assets. On top of that, the signs of slower growth in China further reduce demand for the commodity currencies. The MSCI Asia Pacific (excluding Japan) Index dropped 2.2 […]
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November 232011
EUR/USD Slumps After German Bond Auction
EUR/USD dropped today on the signs that the recovery in Europe stalled. Germany failed to sell 35% of its 10-year bonds, making traders question: what hope has Europe if its strongest economy has such problems with sale of its debt? The United States, on the other hand, continue to show positive signs. The increase of the jobless claims wasn’t that positive, though. Initial jobless claims was 393k last week, near […]
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