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Day: June 27, 2012
June 272012
NZ Dollar Erases Losses Despite Pessimism of Traders
The New Zealand dollar advanced today, erasing its previous losses. The currency declined earlier as the trade balance surplus shrank last month and skepticism about the coming EU summit reduced demand for currencies with higher yield. The New Zealand trade balance posted a surplus of NZ$301 million in May. The reading was in line with analysts’ expectations. That was a decrease from the March value of NZ$335 million. The meeting of European leaders […]
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June 272012
Rand Fluctuates on Interest Rate Speculations
The South African rand fluctuated today between gains and losses on speculations that the nation’s central bank may decrease interest rates to boost slowing economic growth of South Africa. South African Finance Minister Pravin Gordhan warned that downside risks for the country’s growth increased. Gordhan claimed that the government would do its best to attract investment and rein a budget shortage. President Jacob Zuma called for “dramatic” policy […]
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June 272012
UK Pound Falls on Home Prices
UK pound is struggling today, heading lower against its major counterparts. There is a lot weighing on the pound, from the fact that the London Olympics have failed to support home prices, to speculation that the yuan will undergo a great deal of depreciation during the rest of this year and possibly next year. The UK pound is especially sensitive to the British housing market, and with the concerns over home prices, it […]
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June 272012
Japanese Yen Mixed Against Majors
Japanese yen is mixed against majors today as concerns about Europe continue, and as the EU summit prepares to take off. Yen is higher against the UK pound, but lower against the euro and the US dollar. Yen is looking for direction today as caution becomes the story for the currency market. Concerns about the eurozone are still high, but the euro is nonetheless gaining against the yen right now. On top of that, […]
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June 272012
EUR/USD Down Ahead of Summit
EUR/USD was falling today ahead of the EU summit that will start tomorrow. Data from the United States was rather good. Most notably, the US housing market continued to show signs of robust growth. Durable goods orders rose 1.1% in May, above the market expectations of 0.5%. The April reading was revised from 0.2% to -0.2%. (Event A on the chart.) Pending home sales jumped 5.9% in May, beating the analysts’ […]
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