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Day: December 8, 2011
December 82011
Euro Tanks as Draghi Disappoints
Euro is falling today as Forex traders express disappointment with the news conference from Mario Draghi. Euro had made some gains after the ECB rate cut, but those have been erased by the news that the ECB can’t do anything more for the sovereign debt crisis. During a news conference following the announcement of the ECB rate cut, president Mario Draghi out responsibility for solving the sovereign debt crisis […]
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December 82011
US Dollar Up Against Most Majors
US dollar is up against the euro today, and higher against other currencies right now. Greenback is gaining against the 17-nation euro as the ECB cuts its key rate to 1%, and as European banks increase their demand for dollars. For now, the markets are waiting for direction. Mario Draghi, the ECB president, has said that the euro breakup rumors arefar-fetched, and that it’s not time to speculate about such things. […]
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December 82011
Swiss Franc Down on Fears of Another Intervention from SNB
The Swiss franc dropped today on the speculation that Switzerland’s central bank will make steps to weaken the currency further as soon as the next week. Earlier the franc was rising as the unemployment rate remained low. The franc attempted to use the uncertainty about Europe as a driving force, but failed. Switzerland’s unemployment rate remained at the almost three-year low of 3.0 percent in November for the seventh month. That helped the Swiss currency a little, but the slowing […]
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December 82011
EUR/USD Slumps on Draghi Comments
EUR/USD slumped today as European Central Bank President Mario Draghi said that the central bank isn’t going to buy bonds to support the European economy. The ECB decreased its main interest rate by 25 percentage points to 1.00% (Event A on the chart) and that send the euro higher at first. The European currency then tumbled as the bank signaled that there isn’t much more it can do to stem the region’s crisis. The US […]
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December 82011
Korea’s Won Weakens After BoK Keeps Rates Unchanged
The South Korean won declined today on the renewed fears of the European sovereign-debt crisis, while the Bank of Korea refrained from increasing its interest rates. The BoK kept its repurchase rate unchanged at 3.25 percent for the sixth month. Such move was expected by economists. The central bank will refrain from raising the borrowing costs for some time, according to some market analysts. Most Forex commentators agree that the monetary policy […]
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December 82011
Canadian Dollar Fluctuates Ahead of ECB Policy Decision
The Canadian dollar fluctuated before the European Central Bank monetary policy meeting today and the summit of the European leaders on Friday. Yesterday, the currency closed almost unchanged. The Forex traders were caught between mixed emotions. On one hand, the signs of the disagreement between France and Germany regarding the way out of the crisis are negative for the Canadian currency. On the other hand, the ECB is expected to slash its interest rates on today’s meeting and that is […]
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