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Day: May 1, 2012
May 12012
Canadian Dollar Goes Higher as US Manufacturing Expands
The Canadian dollar climbed today after a report showed that the US manufacturing sectors was expanding last month with faster pace than was anticipated by analysts, bolstering positive market sentiment. Institute for Supply Management reported that the US manufacturing Purchasing Managers’ Index was up from 53.4 in March to 54.8 in April. China’s PMI rose a little from 53.1 to 53.3. The positive news from China and the United […]
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May 12012
US Dollar Turns Higher
US dollar is moving higher today, gaining now, even as it lost some ground earlier. It’s true that US dollar has been somewhat flat today against other majors, but it was falling against the euro at one point. Now, though, the greenback has the upper hand again as uncertainty takes center stage and Forex traders begin looking for a little safety. US dollar index […]
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May 12012
Pound Drops on Manufacturing PMI, Rebounds
The Great Britain pound edged down today after a report showed that nation’s manufacturing almost stalled in April. The currency rebounded later and trades near its opening level now. The Markit/CIPS UK Manufacturing Purchasing Managersâ Index fell from 51.9 in March to 50.5 in April. The value is going dangerously close to the neutral 50.0 level. A drop below that level would indicate a decline. The pound recovered from losses […]
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May 12012
Euro Finds Support from Political Efforts
Euro is finding some support today, and the financial markets are finding a little bit of risk appetite, as eurozone politics take center stage. The unlikely support comes as Irish officials try to sway voters to accept the European Union‘s fiscal treaty, and as Germany continues to insist on austerity measures for embattled eurozone countries. Many had expected some of this upheaval to weigh on the euro. April was the euro’s worst month against the US […]
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May 12012
Aussie Edges Down as RBA Cuts Main Rate More Than Expected
The Australian dollar dipped today as the Reserve Bank of Australia cut its key cash rate more than analysts anticipated. The decrease of the rate was expected and perhaps priced in, but the scope of the cut took traders by surprise. The RBA slashed its main interest rate by 50 basis points to 3.75 percent today. Most experts interest rate. Bank’s Governor Glenn Stevens said in the statement after the decision: Since it […]
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May 12012
EUR/USD Sinks as US Manufacturing PMI Grows Beyond Expectations
EUR/USD was rising today, but sharply dropped after a report showed that US manufacturing expanded faster than was anticipated. Not everything was good in the United States, though, as construction spending remained almost unchanged. The important employment report will be released tomorrow. ISM manufacturing PMI climbed from 53.4% in March to 54.8% in April. That is definitely better than the expected drop to 53.0%. (Event […]
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May 12012
NZ Dollar Down as Trade Surplus Shrinks
The New Zealand dollar fell yesterday and extended its decline today. New Zealand’s traded surplus unexpectedly shrank in March, adding to the negative market sentiment that sent the nation’s currency down. New Zealand exports declined NZ$400 million in March compared to the same period a year ago, while import rose NZ$48 million, resulting in a trade surplus of NZ$134 million. That is compared to the February surplus of NZ$202 million and the expected […]
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