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Day: June 21, 2012
June 212012
Loonie Drops on Poor Canadian Retail Sales
The Canadian dollar slumped against its US counterpart and erased its gains versus the Japanese yen today as Canadian retail sales unexpectedly fell. Still, the currency was higher against the euro. Canada’s retail sales dipped 0.5 percent in April from March, Statistics Canada reported. Analysts promised that the sales would rise with the approximately same 0.4 percent rate as in March. The poor data spurred speculations that […]
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June 212012
Mexican Peso Dips as Fed Lowers Growth Forecast
The Mexican peso dropped today as the outlook for US economic growth is not very optimistic, reducing demand for exports of the Latin American country. Prospects for slower growth reduce attractiveness of emerging markets’ assets. That is a common trend among export-dependent economies. Mexico relies less on trading with Europe and more with the United States. Previously, that could have buoyed up the currency. Yet, the US central bank lowered […]
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June 212012
Rand Drops While Current Account Deficit Widens
The South African rand slumped today as the nation’s current account deficit surged more than expected because of slowing global economic growth that damped demand for South African exports. The shortfall rose to 4.9 percent of South Africaâs gross domestic product in the first quarter of this year up from 3.6 percent in the previous quarter. The median forecast was 4.5 percent. The problems of Europe hurt demand for commodities and that, in turn, […]
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June 212012
US Dollar Holds Its Own
US dollar is maintain its gains, and finding support, as the euro falters, and concerns about the global economy take precedence. Greenback is getting a boost as Chinese data, and European data, disappoint. US dollar is finding support today in Forex trading as economic news reduces risk appetite. The slightly better jobless claims report in the United States shows that at least there are signs of recovery. This is opposed […]
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June 212012
Euro Slips on Worsening Economic Outlook
The economic outlook is worsening in Europe, and that is bringing the euro down against the US dollar in Forex trading. Concerns about what’s next for the eurozone, as well as for the euro itself, are weighing on the 17-nation currency right now. Economic concerns are rising in the eurozone, and that is weighing on the euro right now — no matter what traders and others think will happen with the sovereign debt crisis. June represents […]
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June 212012
EUR/USD Slumps on Negative Data from Europe
EUR/USD tumbled at today’s trading session as most of economic data from Europe was bad. Fundamentals in the United States were not much better, though, and the dollar still may retreat. Unemployment continued to grow and manufacturing continued to deteriorate. Initial jobless claims were at the seasonally adjusted rate of 387k last week, little changed from the previous value of 389k, while traders hoped for a decrease to 381k. (Event A on the chart.) Existing home […]
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