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Day: June 7, 2012
June 72012
Won Advances as South Korean Economy Expands
The South Korean won gained today against the US dollar as the nation’s economy expanded and general sentiment on the Forex market was rather positive for higher-yielding currencies of emerging markets. Yet there are downside risks for the currency. The won closed flat versus the euro. South Korea’s gross domestic product grew 0.9 percent in the first quarter of this year from the previous three months, matching the Bank of Korea’s April forecast. That […]
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June 72012
Yen Falls as Traders Feel Less Need for Safety
The yen fell today, dropping for the fourth consecutive session, as China’s interest rate cut triggered speculations that the country is going to stimulate its economy. Forex traders felt optimism and left safer currencies in favor of higher-yielding ones. The Peopleâs Bank of China announced that it would lower the key one-year deposit rate and the one-year lending rate by 0.25 percentage point. There was good news from Europe as Jean-Claude […]
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June 72012
Aussie Heads Higher on China Rate Cut
China announced, in a surprise decision, that it is cutting its interest rate. The announcement helped maintain risk appetite from yesterday, and provided a boost for the Australian dollar. Aussie is seeing gains today as a result of the Chinese policy decision. One of Australia’s biggest export markets is China, and the Aussie has been struggling a bit as China’s economy slows more than expected. Today, though, China unexpectedly announced that […]
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June 72012
BOE Keeps Stimulus Plan on Hold; UK Pound Rises
The Bank of England kept its benchmark interest rate the same, as well as announced that it will not expand its quantitative easing plan at this time. The news served to help bring the UK pound higher against the US dollar and the euro today. There is some speculation that the Bank of England will have to make more efforts at stimulus, at some point if the economy doesn’t pick up. However, it […]
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June 72012
Euro Gains vs. Yen, Flat vs. Dollar
The euro gained today against the Japanese yen on positive results of a French debt auction and signs that the European Central Bank may take actions to battle the financial crisis. The currency was down against the US dollar. France held an auction today, selling â¬7.84 billion of debt. Yesterday, the ECB held its main interest rate unchanged at 1.0 percent. Bank’s President Mario Draghi said at a press-conference after the policy decision: […]
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June 72012
EUR/USD Rises, Pares Gains on Bernanke’s Comments
EUR/USD was rising today as an interest rate cut by China’s central bank put the Forex market in risk-on mode. The currency pair pulled back as Federal Reserve Chairman Ben Bernanke said that the European debt crisis may hurt global economic growth. (Event B on the chart.) Initial jobless claims were at the seasonally adjusted rate of 377k in the week ending June 2, falling from 389k (revised up from […]
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June 72012
Aussie Gains with Unexpectedly Growing Employment
The Australian dollar climbed today, rising for the fourth straight session against the US dollar and the Japanese yen, after Australia’s employment unexpectedly rose in May. Australian employers added as much as 38,900 jobs in May, while experts predicted a decline by 2,200 jobs. Employment increased by 7,000 in April. The unemployment rate increased slightly by 0.1 percentage point to 5.1 percent, just as was expected. The positive data followed yesterday’s encouraging report about […]
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