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Day: June 28, 2012
June 282012
European Summit Starts, Euro Remains Lower
The euro fell today against the US dollar for the fourth straight day even as a two-day meeting of European leaders has started. The currency was also down versus the Japanese yen, but climbed against the Great Britain pound for the second day. European chiefs are meeting today to discuss the problems of the region. It is likely that Italy, Spain and France would push for implementation of euro-bonds, but Germany most certainly would […]
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June 282012
Loonie Drops as High Beta Currencies Fall
Canadian dollar is struggling today, especially against the US dollar, as concerns in Europe, as well as uncertainties elsewhere weigh on riskier assets. As equity markets fall, and commodities pull back, high beta currencies like the loonie are headed lower. Earlier, Canadian dollar had some success against the US dollar, but there is just too much going on right now for high beta currencies like the loonie to maintain […]
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June 282012
US Dollar Higher as Uncertainty Abounds
It’s all about the uncertainty today, giving the US dollar a boost as Forex traders nervously await a number of outcomes. From the Supreme Court’s ruling on the health care reform bill, to the EU summit underway in Europe, to concerns about how the losses from JP Morgan Chase’s “London Whale” are ballooning, it is little surprise that it’s all about the safe haven today. Greenback is up against high […]
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June 282012
Koruna Falls Amid Speculations About Interest Rate Cut
The Czech koruna fell today on speculations that the nation’s central bank would cut interest rates as problems in the European Union led to a recession in the Czech Republic. The Czech economy is strongly dependent on economies of other European countries (not a surprise for a country which is a part of the European Union) and therefore the problems of the eurozone had a big negative impact on country’s economic growth. Many important indicators, including retail sales, consumer confidence […]
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June 282012
EUR/USD Weak as Italy’s Borrowing Costs Rise
EUR/USD attempted to rally in the very beginning of today’s trading session, but sharply dropped and stayed weak for the rest of the session. The euro is under pressure because of rising yield for Italian bonds and uncertainty about the outcome of the EU summit that started today. US unemployment claims fell, but that is only because of a revision of the previous data. Yet even without the revision the number of the claims would have stayed flat, which […]
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June 282012
Yuan Fluctuates on Mixed Fundamentals
The Chinese yuan fluctuated today as positive and negative fundamental effects were battling each other in an attempt to influence the currency, which trades in a range set by the nation’s central bank. The Peopleâs Bank of China set its reference rate 0.03 percent lower at 6.3190 per dollar, but that is still 0.6 percent above yesterdayâs closing price. The uncertainty about the outcome of the European summit reduces demand for riskier currencies. At the same […]
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June 282012
Loonie Gains vs. Greenback at Start of Trading, Can It Keep Gains?
The Canadian dollar was stronger against its US peer at the first hours of today’s trading session, but Forex market participants are not sure whether the currency would be able to keep the positive performance in light of uncertainty caused by today’s meeting of European leaders. The Canadian currency gained against the US dollar today, following yesterday’s losses. It pared the gains of the previous session versus the euro. The loonie was basically […]
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June 282012
Euro Mixed as Traders Feel Uncertainty Ahead of EU Summit
The euro showed a mixed performance ahead of the EU summit. It rose against the Great Britain pound, fell versus the US dollar, before rebounding later, and stayed flat against the Japanese, showing that traders are uncertain about the way the currency would go. Spain’s budget deficit was 3.41 percent of country’s gross domestic product, being below the annual target of 3.5 percent. Deputy Budget Minister Marta Fernandez […]
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