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Day: January 31, 2012
January 312012
Fundamentals in US & Canada Surprisingly Bad, Loonie Dips
The Canadian dollar dropped today versus safer currencies as macroeconomic fundamentals were surprisingly bad both in Canada and in the United States. The currency still managed to outperform the euro after the earlier drop. Canada’s gross domestic product dropped 0.1 percent in November after it posted no change in October. An unpleasant surprise, considering that analysts promised a 0.2 percent growth. Another economic data from Canada was also much […]
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January 312012
Rand Gains Amid Market Optimism
The South African rand gained today as optimism for an outcome of Greek debt-swap talks caused a rally of stocks and commodities, while also helping currencies of emerging markets. Discussions about reduction of the Greek debt again cause optimism, not concerns. The meeting of European leaders ended in an agreement about sanctions on countries with high budget deficit. The positive news boosted commodities and the Standard & Poorâs GSCI Index jumped. South African fundamentals […]
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January 312012
Swiss Franc Mixed Today
Swiss franc is mixed today, higher against the euro, and lower against the US dollar and the Great Britain Pound. Even so, the recent economic forum at Davos has expressed confidence in the Swissie’s cap against the euro, and the ability of the franc to pull back against the 17-nation currency as needed. The recent meeting in Switzerland served as a way to signal confidence in the Swiss National Bank. Even though the SNB is without a director since the resignation of Philipp […]
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January 312012
US Dollar Pulls Back as Risk Appetite Makes an Appearance
Cautious optimism has returned to the markets today, bringing risk appetite and sending the US dollar lower against other major currencies. Corporate earnings are encouraging once again, and most of the European Union countries signed on to a treaty requiring tougher fiscal rules. The result is that many investors and Forex traders are feeling more optimistic about what’s next for the global economy, and that means the US dollar isn’t needed […]
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January 312012
Pound Higher on Consumer Confidence
The Great Britain pound was higher today versus the US dollar and the Japanese yen after a report showed that consumer confidence in the UK improved, while speculation that Greece made progress in the debt-swap discussion reduced demand for safer currencies. The GfK Consumer Confidence rose from -33 to -29. Nick Moon, Managing Director of GfK NOP Social Research, commented: The four point improvement in the Index this month is surprising […]
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January 312012
Euro Strengthens as Greece Makes Progress in Debt Swap Talks
The euro rose today as speculation that Greece is making progress in convincing creditors to reduce the nation’s debt improved market sentiment and eased pessimism about the euro. Greece’s Prime Minister Lucas Papademos said that he made a headway in the debt-swap discussions and is “strongly committed” to reach an agreement. The European Union and the International Monetary Fund demanded more austerity measures from the country. Markets reacted positively to the news: the Stoxx Europe […]
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January 312012
EUR/USD Drops Sharply After Rally
EUR/USD was rising today amid speculations that Greece made progress in talks about debt-swap, but the currency pair dropped sharply later. All fundamental reports from the United States were negative today, reducing appeal of the US currency. S&P/Case-Shiller home price index fell from 138.39 in October to 137.52 in November. The index was down 3.7% on year-over-year basis, while analysts predicted a drop by 3.3%. The decline in October […]
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