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Day: May 31, 2012
May 312012
CAD Reaches Lowest Level vs. USD in 2012
The Canadian dollar continued its race down, falling to the lowest level this year against its US peer and to the four-month low versus the Japanese yen, as the situation in Europe does not shows signs of improvement, eating away appeal of commodity currencies. The situation in the eurozone worsens with each passing week as European leaders show lack of ability to deal with problems. There are talks that the International Monetary Fund considers […]
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May 312012
Rand Rebounds After Touching Lowest Level in 2012
The South Africa traded sideway, following the drop to the lowest price this year, on speculations that it fell too much and as exporters profited from the weak rand, converting their overseas earnings to the local currency. Technical analysts say that yesterday’s huge drop made the South African currency undervalued and a bounce can be expected. Fundamentals did not change, though, and are still negative for the rand. Commodities are continuously […]
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May 312012
US Dollar Lower Across the Board
Cautious optimism is the watchword today, and that is helping other major currencies against the US dollar. Greenback is lower today as Forex traders find some reasons to look forward, and as some believe that, perhaps, a solution can be found that will keep Greece (and Spain) in the eurozone. Mostly, Forex traders are just looking for a reason to show a little confidence. It’s been a rough few days, and the euro […]
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May 312012
Real Rises Even as Central Bank Lowers Main Interest Rate
Brazil’s central bank lowered its main interest rate today in an effort to boost economic growth. The Brazilian real declined against the US dollar after that monetary policy decision. The Banco Central do Brasil (Brazil’s central bank) cut its key interest rate to 8.5 percent from 9 percent today. Such move was expected by most analysts. The central bank has cut lending rates by four […]
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May 312012
Japanese Leaders Warn on Yen Strength
Japanese yen is on the rise again, heading higher as concerned Forex traders look for safe haven assets. The yen is considered one of the safer currencies, and with all of the turmoil and uncertainty in Europe, it is one of the currencies of choice. However, Forex traders shouldn’t drive up the price of the yen too high, warns monetary policy leaders in Japan. Finance Minister Jun Azumi is warning that leaders are carefully […]
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May 312012
EUR/USD Rally Fails as Crisis Erased Faith in Euro
EUR/USD attempted to rally today, but failed and now stays flat. Earlier, the currency pair reached the lowest level since July 1, 2010. The crisis in Europe persists and analysts would likely consider any gains just a correction in a bear market. News from the United States was not encouraging today. Economic growth slowed, PMI unexpectedly fell and the labor data were not favorable. ADP employment report showed […]
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May 312012
Pound Drops to Lowest in Four Months as European Crisis Spreads
The Great Britain pound fell to the four-month low against the US dollar and to the three-month low versus the Japanese yen on concerns that the spreading European crisis may negatively affect the UK economy. Paul Fisher, the Executive Director of the Bank of England’s Market’s division, warned UK companies to prepare for a potential dissolution of the eurozone, saying: No one is trying to anticipate a euro breakup, but you just canât rule it out. Yield […]
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