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Day: February 22, 2012
February 222012
Yen Falls as Traders Anticipate More Stimulus from Bank of Japan
The Japanese yen slipped today versus the US dollar and the euro today as Forex traders were concerned that the Bank of Japan will continue expanding its asset purchase program to counter deflation. The BoJ made a move that surprised most market analysts as the bank boosted its asset purchase program by 10 trillion yen to 30 trillion on February 14. BOJ Governor Masaaki Shirakawa said that the central bank set 1 […]
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February 222012
Pound Slips as Minutes Show Probability of Quantitative Easing
The Great Britain pound erased its gains versus the Japanese yen and slumped against the US dollar and the euro today as the minutes of the Bank of England monetary policy meeting showed that some policy makers voted for a bigger increase of asset purchases. The minutes showed that, while seven members of the Monetary Policy Committee voted for expanding the asset purchases program by £50 billion, “two members of the Committee (David Miles and Adam Posen) voted […]
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February 222012
Euro Falls as Eurozone Economic Data Points to Possible Recession
The latest economic data out of the eurozone is pointing to a possible recession, and that has the euro losing ground to the US dollar today. Business activity in the eurozone showed an unexpected contraction for the month of February, and that is raising fears of economic slowdown. According to Markit Economics, the eurozone’s composite purchasing managers’ index dropped to 49.7 in February, from the 50.4 it showed in January. Many had expected the index to rise to 50.8, and the contraction below […]
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February 222012
US Dollar Surges against Japanese Yen
US dollar is surging against Japanese yen today. The result is a strong expectation for Japanese company earnings, and hopes that things can get back on track for Japan, now that yen weakness is more pronounced. US dollar topped the 80 level against the yen for the first time in months as the Nikkei soared. Japanese companies are looking forward to a new fiscal year, which begins in April. The news of a weakening […]
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February 222012
Aussie Falls on RBA Minutes, Pares Losses on Positive Fundamentals
The Australian dollar sank after the minutes of the last central bank’s monetary policy meeting indicated that policy makers are ready to ease the policy further. Currently, the Aussie is attempting to reverse the losses on positive economic reports. The Reserve Bank of Australia noted in its minutes that additional stimulus can be provided if it would be necessary: If demand conditions were to weaken materially, the inflation outlook would […]
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