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Day: February 23, 2012
February 232012
Economic Data Helps Loonie
Canadian dollar is benefiting from improved sentiment today. A general feeling of risk appetite has returned to the Forex market, thanks to encouraging economic news out of the United States and Germany. Loonie is also finding some support against the US dollar as a commodity currency, with oil prices on the rise. Good news about the German Ifo is providing some risk appetite right now. Business confidence, as measured by the Ifo, […]
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February 232012
US Dollar Lower Across the Board
US dollar is lower across the board as equities show some spunk today. US stock futures are expected to open higher, and British stocks are higher today. There is a measure of risk appetite today as Forex traders consider what could be positive economic data. In the United States, it appears that the housing market could be starting a recovery. Additionally, an unchanged jobless claims report has […]
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February 232012
Euro Rises as German Business Confidence Reaches Seven-Month Record
The euro advanced today as German business confidence this month reached the highest level in seven months, easing concerns about economic growth of the eurozone. The concerns haven’t completely disappeared, though, and the currency gave up some of its gains. The Ifo Business Climate Indicator was at 109.6 in February, compared to the January figure of 108.3 and the median forecast of 108.7. That’s the highest reading since July. Germany has been a source of optimism about […]
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February 232012
Rand Gains as South Africa Strives for Smaller Budget Deficit
The South African rand gained today as South Africa may avoid credit rating downgrade from rating agencies by decreasing its budget deficit faster than was previously estimated. South Africa’s Finance Minister Pravin Gordhan said yesterday that Moodyâs Investors Service and Fitch Ratings may improve outlook for the nation’s debt. Gordhan said that the country is doing enough for the rating agencies to be able to change […]
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February 232012
EUR/USD Goes Up with German Business Confidence
EUR/USD rose today, reaching the highest level since December 12, as German business confidence improved (event A on the chart), easing fears of economic recession in the eurozone. US data was neutral as unemployment claims remained unchanged, while existing home sales grew, but slower than was anticipated. The currency pair retreated from its daily high as traders remained concerned about the future of Europe. Seasonally adjusted initial jobless […]
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