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Day: April 27, 2012
April 272012
Mexican Peso Erases Losses as Bank of Mexico Doesn’t Cut Interest Rates
The Mexican peso trimmed its losses versus the US dollar today after the nation’s central bank left it key overnight interbank funding rate unchanged for the 26th consecutive meeting, disappointing traders who expected an interest rate cut. The Banco de Mexico left it main interest rate at the record low of 4.5 percent today. The Bank was keeping the target rate at this level since July 2009. Many […]
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April 272012
Aussie Posts Gains as Bank of Japan Boosts Liquidity
The Australian dollar climbed today, reaching a monthly high versus its US counterpart, after the stimulating measures of the Bank of Japan boosted commodities and global stocks. The currency was down against the yen, though. The BoJ eased its monetary policy today, adding liquidity to markets. As Kathy Lien, a director of currency research at GFT Forex, commented: The only reason why weâre seeing a bit of an upward move in risk is because the Bank […]
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April 272012
Canadian Dollar Gets a Boost in Forex Trading
Canadian dollar is getting a boost today in forex trading, receiving some help from disappointing US economic data. Indeed, a lot of the loonie’s gains today are coming as a result of disappointing news, and less about solid advances made by the Canadian currency. US GDP data for Quarter 1 came in below expectations. Analysts had expected an annualized rate of 2.7 percent, but instead saw 2.2 percent. The disappointment is […]
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April 272012
US Dollar Falls Across the Board
US dollar is falling across the board today as some optimism makes an appearance in the markets, and as traders continue to digest the latest statement from the Federal Reserve. The dollar index is down today, and greenback is struggling against its major counterparts. Greenback is heading lower today, dropping even though news out of the eurozone continues to worsen. S&P just cut Spain’s credit rating, but that hasn’t had […]
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April 272012
EUR/USD Recovers After S&P Downgrades Spain
EUR/USD started today’s session moving down as Standard & Poor’s downgraded Spain’s sovereign credit rating, but later the currency pair erased its losses and posted a fourth daily gain in a row. US economic growth last quarter was slower that previously estimated, but consumer sentiment was stable. US GDP rose 2.2% in the first quarter of 2012 from the same period in 2011, according to the advance estimate. […]
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April 272012
Yen Gains Even as Bank of Japan Adds Stimulus
The Japanese yen gained today as demand for safety overcame Bank of Japan’s attempts to weaken the currency. The yen slumped earlier as the BoJ expanded its asset purchase program to support the struggling economy. Japan’s central bank announced today that it is going to expand its Asset Purchase Program: The Bank decided to increase the total size of the Program by about 5 trillion yen, from about 65 trillion yen to about 70 […]
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April 272012
Euro Falls as S&P Downgrades Spain
The euro fell today as Standard & Poor’s downgraded Spain’s sovereign credit rating, adding to speculations that the debt crisis is spreading across Europe despite measures taken by European governments. It is no surprise that the rating agency lowered Spain’s grade as nation’s unemployment surged to the highest level in 18 years — a clear signs of problems in the country’s economy. S&P cited reasons for its decision: We believe […]
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