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Day: March 22, 2012
March 222012
Yen Gains as Traders Require Safety
The Japanese yen surged today as Forex market participants preferred to avoid risk and stick to safer assets, allowing the currency to continue its rally that followed more than a week of losses. China’s manufacturing was contracting with faster than expected pace. Eurozone manufacturing and services, including manufacturing and service industries in Germany and France, weren’t particularly good either. The reports ignited fear on the Forex market, spurring traders to go for the safety […]
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March 222012
Canadian Dollar Sinks as Retail Sales Come Out Worse than Expected
The Canadian dollar slid today as news from China and Europe wasn’t particularly favorable, reinforcing investors’ willingness to stick to safer assets and avoid riskier ones. Fundamentals in Canada itself also weren’t very good. Signs of economic slowdown in China and the eurozone hurt all currencies tied to economic growth, including Canada’s dollar. Reports from the United States were quite good and it might have helped the loonie. Unfortunately for the currency, […]
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March 222012
Euro Struggles on Disappointing Data
Euro is struggling today, once again lower as forex traders consider the state of the eurozone economy. Additionally, general risk aversion is also weighing on the euro as economic jitters set in and forex traders look for safe haven. EUR/USD is back below 1.3200, and EUR/GBP looks for direction. Euro is taking a hit today, heading lower as economic data disappoints. One of the biggest factors in the lower euro, though, is the German […]
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March 222012
Risk Aversion Sends Dollar Index Higher
Concerns about the economies of different regions are weighing on riskier assets today. Indeed, risk aversion is on the rise again, and that means Forex traders are looking for safe haven. The result is a higher dollar, with the dollar index gaining today. US dollar is higher against most other majors, although it is lower against the Japanese yen. Forex traders have been awaiting economic data, […]
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March 222012
Won Drops as China’s Manufacturing Slows
The South Korean won fell today on concerns that the economic slowdown in China may negatively affect the Asian region as a whole. As of now, the currency pared some of its losses. Preliminary report from Markit Economics showed that China’s Purchasing Managers’ Index fell from 49.6 in February to 48.1 in March, the lowest level in 4 months. A number below 50 indicates contraction. The won pared its losses as South Korean exporters […]
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March 222012
Yuan Rises as China Eases Regulations
The Chinese yuan advanced today on the speculation that nation’s policy makers may ease regulations for banks to support the Chinese economy that is experiencing slowdown. The People’s Bank of China plans to ease reserve ration for banks in hopes to free funds and avoid hard landing. Analysts speculate that China’s economy has already reached the bottom and is ready for another thrust to the upside. Additionally, economists believe that Chinese policy makers […]
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March 222012
EUR/USD Falls as PMI Slides
EUR/USD fell today as the preliminary measure of eurozone manufacturing and services performance declined this month more than was predicted by analysts. (Event A on the chart.) The US data, on the other hand, was better than anticipated, adding to attractiveness of the dollar. Initial jobless claims were at the seasonally adjusted level of 348k last week. Analysts predicted that the claims would stay unchanged from the previous week’s figure of 353k. (Event B on the chart.) […]
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