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Day: December 7, 2011
December 72011
Optimism Returns to Help Euro
Euro is gaining ground now, erasing earlier losses, as optimism returns to the Forex market. Earlier today, concerns about the gulf between Germany and France sent the euro lower. Now, there is optimism. The optimism is fairly cautious, though. No one seriously expects a breakthrough at the upcoming eurozone conference. However, there is the expectation that eurozone leaders will be able to agree on enough to keep hope for the 17-nation […]
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December 72011
Pound Goes Higher Even with Bad Fundamentals
The Great Britain pound advanced today even as the fundamental reports were worse that the pessimistic forecasts. Market analysts are scratching their heads, but don’t expect that the trend of the pound would become positive. According to the report of British Retail Consortium, the shop-price inflation fell to 2.0 percent in November from 2.1 percent in October. The index stands at the lowest level this year. Both industrial and manufacturing production dropped 0.7 […]
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December 72011
Polish Central Bank Keeps Rates High to Support Zloty
Poland’s central bank maintained its key interest rate at the highest level in almost three years as the nation’s currency declined after the European debt crisis deterred investors from buying riskier currencies of emerging markets. The Narodowy Bank Polski (the National Bank of Poland) left its reference rate at 4.5 percent for the sixth month, the highest level since January 2009. The central bank kept the rate high to support the zloty and to tame […]
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December 72011
Japanese Yen Gains as Sentiment Worsens
Japanese yen is gaining as sentiment reverses. Reports out of Europe are sending Forex traders looking for safe haven, and that is providing a boost to the yen against its counterparts. Earlier, safe haven currencies were heading lower as risk appetite improved on the idea that eurozone leaders are ready for a tighter fiscal union. Those hopes, however, are fading as Germany turns back suggestions that current bailout […]
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December 72011
EUR/USD Fluctuates Ahead of EU Summit
EUR/USD fluctuated today as traders were unsure about the future of the euro that may be decided on the European Union summit this Friday. The hopes for the positive outcome of the summit were trimmed by the warning that Standard & Poor’s may reduce the credit ratings of 15 EU members. US crude oil inventories increased by 1.3 million barrels and total motor gasoline inventories increased by 5.1 million barrels last week. Both are […]
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December 72011
Pounds Heads Lower on Unfavorable Fundamental Indicators
The Great Britain pound edged down on the signs that the UK economy is slowing, possibly resulting in additional easing from the nation’s central bank. The pound bounced back a little today, but it’s likely to head down again as today’s fundamental reports are expected to be negative. The value of the UK retail sales declined 1.6 percent year-over-year in November, according to the Retail Sales Monitor of British Retail Consortium. The Halifax house […]
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December 72011
Loonie Climbs After BoC Policy Decision
The Canadian dollar jumped after the Bank of Canada left the main interest rate unchanged. The positive fundamentals may spur the Canadian currency even further to the upside. The BoC decided yesterday to maintain its key overnight rate at 1 percent. The Bank noted in its statement the negative developments in Europe: Conditions in global financial markets have deteriorated as the sovereign debt crisis in Europe has deepened. Additional measures will be required to contain […]
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