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Day: May 2, 2012
May 22012
Loonie Gains vs. Euro, Holds Ground vs. Greenback & Yen
The Canadian dollar climbed against the euro today as declining manufacturing of the eurozone weakened the shared 17-nation currency. Canada’s currency erased losses versus the US dollar and was flat against the Japanese yen. It is not surprising that the Canadian currency gained against the euro, considering the shrinking eurozone manufacturing and the unexpected growth of German unemployment. Yet it is surprising to see the growth-related loonie to hold ground versus the safe currencies […]
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May 22012
EUR/GBP Goes Lower as UK Construction PMI Beats Estimates
The Great Britain pound climbed to the highest level in almost two years against the euro today as better-than-expected macroeconomic data from the United Kingdom was a stark contrast to negative fundamentals in Europe. The currency was flat against the Japanese yen and fell against the US dollar. The UK construction Purchasing Managers’ Index slipped from 56.7 in March to 55.8 in April. Analysts predicted a drop to 54.1. The index is still close to the March 21-month […]
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May 22012
Euro Loses Ground on Recession Fears
Euro is losing ground today as recession fears once again come into focus. Disappointing economic data in the eurozone, as well as a growing gap between Germany and the peripherals, are weighing on the euro. Additionally, it’s not helping risk appetite that the data coming out of the United States has turned out to be disappointing as well. In the eurozone, the news continues to worsen. The unemployment rate in the 17-nation currency region is up to 10.9%. […]
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May 22012
Won Climbs on Improving Outlook for South Korean Exports
South Korean won climbed today, along with other Asian currencies, as signs of the economic growth in China and the United States improved outlook for exports of the Asian nation. The signs of economic growth caused speculation that demand for exports from South Korea would grow. The nation’s economy definitely needs help as inflation slowed below the median forecast of 2.8 percent to 2.1 percent in April. That was the lowest level in 21 months. […]
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May 22012
Japanese Yen Gains Ground on Risk Aversion
A degree of risk aversion is afflicting financial markets today, and that is resulting in a higher Japanese yen. Yen is gaining against its high beta counterparts the euro and the UK pound, while falling against the US dollar. Concerns about the eurozone are, once again, taking precedence in global financial markets. Japanese yen is heading higher today against the euro and the UK pound, thanks to the latest round of data. […]
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May 22012
Ringgit Gains on Manufacturing Growth in US & China
The Malaysian ringgit gained today as yesterday’s data that showed an expansion of manufacturing in the United States and China increased attractiveness of higher yielding Asian currencies. Yesterday’s gains of China’s & US PMI made sentiment of Forex traders more optimistic and the market retained that optimism today. The MSCI Asia-Pacific Index of shares advanced 0.5 percent. Europe still remains a negative factor for the currency markets, but for now investors prefer to pay […]
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May 22012
Negative Data from Europe drive EUR/USD Down
EUR/USD sank today as negative macroeconomic data from Europe drove investors away from the common currency of the eurozone. That was very fortunate for the dollar as US fundamentals also were not particularly good. Employment grew less than expected, at least according to the report of Automatic Data Processing. If the slower growth will be confirmed by non-farm payrolls on Friday, the Federal Reserve may consider a third round of quantitative easing. […]
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