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Day: June 26, 2012
June 262012
US Dollar Weak as Bad Data Means Higher Probability of QE3
The US dollar was weak today as reports about manufacturing and consumer sentiment were unexpectedly bad, spurring speculations that the Federal Reserve may yet turn to quantitative easing as a way to bolster the faltering economic recovery. The greenback was almost flat against the euro. The Federal Reserve Bank of Richmond reported that its manufacturing index slipped from 4 in May to -3 in June. Most analysts believed that the index would […]
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June 262012
CAD Stronger in Spite of Negative Factors
The Canadian dollar gained today even as the negative factors that were previously weakening the currency remained. Yet Forex market participants felt inclined to buy higher-yielding currencies even during these times of uncertainty. The environment on the FX market remained the same: negative for riskier assets. Yet the loonie ignored that. Perhaps, an unexpected surge of optimism on other markets was responsible for the strength of Canada’s currency. Futures on crude oil added 0.2 […]
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June 262012
Euro Lower Ahead of EU Summit
The upcoming European Union summit is doing little to help calm nerves right now. While there are grand plans being laid, few people expect a true breakthrough from the summit, and there is an expectation that the situation will remain largely the same at the end of the meeting. One of the plans that might be presented at the meeting is expected to be the proposition of a tighter European Union. A document that is expected […]
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June 262012
UK Pound Gets a Boost, Even with Bigger Deficit
Even though the UK pound saw a bigger than expected deficit, the UK pound is getting a boost today. Sterling is higher as some observers think that the latest developments will result in an end to the strict austerity measures, and help the United Kingdom start spending a little more to ease the current recession. Right now, the UK pound is heading higher, even though risk appetite isn’t very apparent in the markets […]
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June 262012
Mexican Peso Pares Gains on Fears of Global Economic Slowdown
The Mexican peso gained today, but erased its gains on speculations that the slowing global economic growth may have a negative influence on prospects of Mexico’s economy. The peso was down yesterday, but rebounded today. The gains were limited, though, because of uncertainty that prevails on the Forex market ahead of this week’s EU summit. Banco de Mexico said in its policy meeting minutes that the balance of risks for the nation’s […]
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June 262012
Aussie Rebounds on Positive Outlook for Australia’s Economy
The Australian dollar rebounded today after yesterday’s decline as the positive outlook for Australia’s economy damped the negative effect of the European crisis on the attractiveness of the currency. Concerns about the debt issues in the countries of the European Union have led to interest rate cuts by the Reserve Bank of Australia. That made the Aussie weaker. Yet the cut were followed by positive macroeconomic data, causing speculations that the Australian economy is strong enough to weather the crisis in Europe. […]
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June 262012
EUR/USD Falls on Borrowing Costs, Trims Losses on US Data
EUR/USD dropped today as borrowing costs surged on today’s Spanish and Italian debt auctions. The currency pair trimmed its losses as poor fundamental data from the United States spurred speculations that QE3 may be imminent. Housing data was actually not bad, but manufacturing and consumer sentiment reports were unexpectedly poor. S&P/Case-Shiller home price index rose from 137.63 in March to 138.55 in April. Year-on-year, the index […]
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June 262012
Canadian Dollar Slides as Poor Market Sentiment Weakens Commodities
The Canadian dollar sank as negative sentiment on the Forex market drove investors away from currencies related to economic growth and commodities. The currency advanced versus the euro, though. Shaun Osborne, the chief currency strategist at Toronto-Dominion Bank TD Securities unit, said: The US dollar is starting to pick up some momentum against the Canadian dollar from here. We have commodity prices that look quite soft. Indeed, commodities, […]
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