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Day: March 5, 2012
March 52012
NZ Dollar Sinks as China’s Growth Slows & Stocks Drops
The New Zealand dollar slumped today as stocks retreated. The decline of global equities was caused by the announcement that China decreased its growth target for this year. China was viewed for some time as the main driver of the global economic recovery, therefore the signs of slowdown in the nation’s economy had a very negative impact on market sentiment. The MSCI Asia Pacific Index of stocks declined 0.8 percent, while the Standard & Poorâs 500 […]
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March 52012
Rand Goes Down as China Cut Growth Forecast
The South African rand slipped today after China cut its growth forecast, hurting currencies that are dependent on commodity prices, including South Africa’s one. Uncertainty about the future of Europe added to the negativity on the Forex market. China’s Premier Wen Jiabao decreased the target for the nation’s economic growth to 7.5 percent, while it has been 8 percent since 2005. This news had a knock out effect […]
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March 52012
Japanese Yen Gains Against Majors
Japanese yen is gaining against its major counterparts today, rising as Forex traders seek some sort of safe haven and stability in the wake of the latest news out of China. Concerns about global growth are very real, and yen is also getting a boost as concerns about the economic growth in other regions are in doubt. The main driver behind a higher yen is the latest news out of China. Wen Jiabao, […]
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March 52012
UK Pound Higher after Dropping Earlier
UK pound is higher in the currency market against the US dollar, after dropping earlier today. In earlier trading, UK pound fell against the US dollar on Greek worries and the expectation of poor PMI data. Now, though, things are turning around and the sterling has the upper hand. Earlier, disappointing news threatened the UK pound. PMI data was set to come in worse than expected, but when it came […]
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March 52012
EUR/USD Rises Even as Traders Concerned About Global Growth
EUR/USD was gradually rising today. The slow advance wasn’t deterred even after China has shaken markets by lowering its target for economic growth. The positive reports from the United State alleviated worries about the global growth that was caused by the announcement. ISM services PMI advanced from 56.8% in January to 57.3% in February. That was a surprise for traders, but a pleasant one as they expected a drop to 56.1%. (Event […]
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