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Day: January 13, 2012
January 132012
Rand Goes Lower as Fitch Changes Outlook to Negative
The South African rand was down today as Fitch Ratings changed outlook for South Africa’s sovereign credit rating to negative, reducing attractiveness of country’s assets to investors. South Africa’s BBB+ rating is in danger as Fitch hinted that a rating cut may occur. The rating agency explained the change of the outlook by inability of the government to improve employment and the resulting pressure on public finances. Fitch said that negative outlook “reflects the limited progress […]
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January 132012
Won Climbs as BoK Maintains Interest Rates
The South Korean won gained today as the nation’s central bank maintained its main interest rate to rein inflation and support country’s economic growth. The Bank of Korea left its key interest rate at 3.25 percent. Such decision was expected by market analysts. BoK Governor Kim Choong Soo explained after the policy meeting, which was held today in Seoul, that policy makers want to slow inflation to 3 […]
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January 132012
US Dollar Mostly Higher Today on Risk Aversion
Even though the trade deficit unexpectedly widened in November, the US dollar is moving higher today. For the most part, US dollar is gaining as uncertainty prompts a certain degree of risk aversion. With rumors of an imminent French downgrade, a disappointing Italian debt auction, and worries about banks, it is little surprise that safe havens like the US dollar are in demand. Indeed, there is a great deal of uncertainty […]
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January 132012
Euro Lower on Italian Debt Sale Disappointment
There were high hopes for the latest Italian debt sale, but they were disappointed. Indeed, even though Italian debt costs dropped below 5 percent, the sale failed to raise the kind of money needed to overcome some of the budget woes. As a result, the euro is down against its major counterparts. Italy’s debt costs dropped largely because of the loans it received from the ECB. However, even that was […]
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January 132012
EUR/USD Drops to Lowest Since August 2010
EUR/USD dropped today, erasing yesterday’s gains and touching the lowest level since August 2010, on fears of potential credit downgrades of European countries by Standard & Poor’s. Confidence of US consumers improved more than was predicted, but trade balance deficit widen more than was forecast, while import and export prices declined. Trade balance deficit rose to $47.8 billion in November up from $43.3 billion in October. […]
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January 132012
Yen Fluctuates Ahead of US Reports, Looks Down
The Japanese yen fluctuated, demonstrating a downside bias, as today’s reports from the United States are expected to be mixed. The yen slid versus the euro today on signs of stabilizing economic situation in Europe. On the negative side for the yen, Michigan Sentiment Index is expected to rise from 69.9 to 71.2 this month. On the positive side, growth of import prices is predicted to stall in December. Yesterday’s reports were worse than expected, adding […]
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January 132012
Canada’s Dollar Weaker Than Euro
The Canadian dollar slumped against the euro yesterday as comments of European Central Bank President Mario Draghi boosted the shared European currency, while US retail sales were below forecast. Canada’s currency was flat against the US dollar. US retail sales (seasonally adjusted) rose just barely by 0.1 percent in December, according to an advance estimate, following the 0.4 percent growth in November. The median forecast was 0.3 percent. […]
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