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Day: March 6, 2012
March 62012
RBA Keeps Rates Unchanged, Aussie Slides
The Australian dollar tumbled today after Australia’s central bank maintained its key cash rate unchanged, but suggested that the prospect for an interest rate cut remains. The Reserve Bank of Australia left its main interest rate unchanged at 4.25 percent. Such decision was expected by market participants. Governor Glenn Stevens said that “the setting of monetary policy remained appropriate for the moment”, but added: Should demand conditions […]
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March 62012
Russian Ruble Falls as Eurozone GDP Spurs Risk Aversion
The Russian ruble weakened today on risk aversion caused by the report that showed a decline of the eurozone economy, turning investors away from currencies they considered too risky. Riskier assets took a hit after the report from Eurostat showed that eurozone gross domestic product decreased 0.3 percent. Coupled with the decrease of China’s growth forecast, the data created a very unfavorable trading environment for currencies with higher yield […]
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March 62012
Euro Drops as Eurozone Economy Shrinks
The euro slipped today after today’s report confirmed that the eurozone economy declined last quarter, bolstering the risk aversion sentiment on the Forex market. Analysts expected that today’s report would confirm the preliminary estimate that showed the 0.3 percent decline of the eurozone economy (the gross domestic product rose 0.1 percent in the preceding quarter). The report came out and proved forecasters right. Now, traders try to avoid riskier assets […]
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March 62012
UK Pound Declines against US Dollar
UK pound is declining against the US dollar today, thanks to general risk aversion weighing on high beta currencies, as well as disappointing economic data out of Great Britain. Against the euro, sterling is struggling as well, although there have been swings between gains and losses. The lastest UK housing data has been disappointing, showing that February housing prices were down 0.5% from the previous month. […]
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March 62012
Uncertainty Sends US Dollar Higher as Risk Haven
Uncertainty is growing in global markets, and that is prompting risk aversion. The US dollar is higher in response, sought as a safe haven. Greenback is higher on prospects for slowdown on a global scale, and Greece remains a point of difficulty as speculation remains regarding Greece’s bond swap. For now, all of this means Forex traders are interested in the stability that comes with the US dollar. Greenback is on the rise today with concerns […]
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March 62012
Euro Remains Weak Ahead of GDP Report
The euro remained weaker against the Japanese yen and the Swiss franc today, though retained its gains against the US dollar, as today’s report is expected to confirm that the eurozone economy shrank last quarter. The preliminary data showed that the eurozone gross domestic product contracted 0.3 percent in the fourth quarter of 2011. Analysts expect that the report today will confirm the preliminary figure. All in all, it looks like […]
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March 62012
Canada’s Dollar Falls as China Hurts Market Sentiment
The Canadian dollar retreated yesterday after the Forex market was shaken by the announcement that China’s economic growth may slow this year. The currency started today’s session with a little rally, but generally remained weak. China reduced its growth target to 7.5 percent from 8 percent, spurring risk aversion among FX market participants. Commodity currencies were among the biggest losers as the Asian country is […]
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