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Day: December 9, 2011
December 92011
EU Summit Boosts Euro, But Rally Isn’t Big
The euro raised its head today after the European Union summit showed that the European politicians have willingness to resolve the region’s problems. The summit provided some solid results, but the rally of euro wasn’t as big as one would expect. At last, the European governments acted instead of simply talking. They announced that the leverage for the European Financial Stability Facility “will be rapidly deployed”, â¬200 billion will be provided […]
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December 92011
US Dollar Mostly Lower on Optimism over Europe
US dollar is mostly lower right now, due to optimism over Europe. Markets are reacting favorably to the latest news about a tighter fiscal union meant to stave off further euro crises. US dollar isn’t needed as a safe haven right now, so it is lower. The enthusiasm about a new situation in Europe comes even though Britain has rejected the new treaty. Britain’s objections are […]
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December 92011
UK Pound Mixed as Cameron Rejects New EU Deal
The UK pound is mixed today, as economic news is released, and as the latest attempt to save the euro is made. However, Great Britain isn’t pleased about the latest EU treaty, and it will be interesting to see what happens next. Indeed, the latest change attempt for the eurozone actually involves changes to the way European Union institutions are used — not just eurozone institutions. And British Prime Minister David […]
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December 92011
EUR/USD is Waiting for Outcome of Summit
EUR/USD trades flat currently, though it had violent swings during the trading session. The European leaders are meeting in Brussels now and the Forex market holds breath, awaiting the outcome of the summit. There are rumors that the politicians have some disagreement. The data today showed that the US consumer sentiment improved, but that was just a preliminary estimate. The US trade balance deficit shrank to $43.5 billion in October […]
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December 92011
Rand Tumbles on Negative Fundamentals & Bad News from Europe
The South African rand dropped yesterday and remained weak today on the signs of the nation’s economic weakness. The currency also felt the negative impact of the news from Europe, but the European problems allowed the rand to outperform the euro. South Africa’s current account deficit widened to 3.8 percent of the gross domestic product in the third quarter, reaching the highest level in 18 months. The increase of the current account shortfall was caused by the slowing manufacturing and the decreasing mining […]
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December 92011
Canada’s Dollar Suffers from ECB
The Canadian dollar rallied today, but was smashed after the European Central Bank press-conference that followed the monetary policy meeting. Forex traders were hoping for the central bank to offer more support to the debt-plagued eurozone countries, but such hopes didn’t materialized. FX market participants hoped that the ECB would show a willingness to provide more support for the European Union economy. Europe’s central bank indeed take some […]
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