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Day: June 5, 2012
June 52012
Yen Drops as G7 Does Not Object Interventions
The Japanese yen dropped today after Finance Minister Jun Azumi said that the Group of Seven is not going to object interventions to contain big currency move. That leaves room for more attempts to weaken the currency by the Bank of Japan. Azumi stated: I said at todayâs conference that I want G-7 members to share this agreement, which states that excessive and disorderly moves of foreign exchange rates would have a bad […]
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June 52012
Loonie Advances as Bank of Canada Suggests Interest Rate Hike
The Canadian dollar climbed today after the Bank of Canada left its key overnight rate at 1 percent and hinted that interest rates hikes may follow in the future despite weakening global economic growth. Canada’s central bank left its target interest rate at 1 percent. The BoC said in the statement: To the extent that the economic expansion continues and the current excess supply in the economy is gradually absorbed, some modest withdrawal […]
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June 52012
Won Drops as Traders Skeptical About G7 Meeting
The South Korean won declined today as members of the Group of Seven meet today. Forex market participants do not believe that the meeting will bring anything new and expect only more talks about how bad the crisis is. Risk aversion rules the FX market and riskier currencies suffer from it. Commodities also reacted negatively to pessimism among traders, hurting prospects for emerging economies that are usually […]
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June 52012
Aussie Rate Cut Affects Performance Only Slightly
Aussie’s performance has been affected only slightly today after a Reserve Bank of Australia rate cut. Aussie is a recovering against the US dollar today, due mostly to general risk aversion, while the Down Under currency gains slightly against European currencies. Most Forex traders were expecting a rate cut from the RBA, so today’s cut hasn’t come as a surprise. Some had expected a bigger rate […]
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June 52012
UK Pound Down Against US Dollar, But Higher Against Euro
UK pound is down against the US dollar today, but higher against the euro. Once again, the interesting place the UK pound finds itself in is contributing to its mixed performance. The pound is heading lower against the US dollar as risk appetite dissipates, and higher against the euro as the pound represents a European safe haven. Even after Egan-Jones Rating Company downgraded the UK pound to AA- from AA, the sterling […]
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June 52012
Ruble Goes Higher with Oil Prices & Central Bank’s Support
The Russian ruble advanced today for the second day as the nation’s central bank stepped up to support the currency and crude oil, the main Russia’s export, rebounded after reaching a lowest level in more than a year. The Bank Rossii (Russia’s central bank) boosted its sales of foreign currencies to $250 million to $300 million yesterday as a measure to support the ruble. Brent crude oil gained yesterday after reaching the lowest level since January […]
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June 52012
Do Not Forget to Register for ATC 2012
MetaQuotes has opened the registration process for the Automated Trading Championship 2012 yesterday. Every trader and EA developer will have time until September 21st to submit his or her personal data and the participating expert advisor’s files to register in this automated contest. ATC 2012 is a yearly demo contest held among the MetaTrader 5 expert advisors by MetaQuotes, the company behind MetaTrader. Only expert advisors written in MQL5 language […]
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June 52012
EUR/USD Down on Bad Fundamental Data from Europe
EUR/USD fell today, following two days of gains, on poor macroeconomic reports from Europe. Members of the Group of Seven meet today to discuss the dangerous economic situation in the eurozone, but traders are skeptical about the ability of politicians to resolve the financial turmoil. ISM services PMI was at 53.7% in May, little changed from the April reading of 53.5% and matching the analysts’ forecast of 53.6%. (Event A on the chart.) Yesterday, a report on factory orders was […]
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