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Day: July 4, 2012
July 42012
Canadian Dollar Jumps to Two-Year High vs. Euro
The Canadian dollar jumped to the highest level in more than two years against the euro as the Forex market was positioning itself for tomorrow’s monetary policy meeting of the European Central Bank. Most FX markets participants believe that the ECB would cut its interest rates tomorrow. Economists also expect that the central banks of the United States and China would also ease their monetary policies. Crude oil, the major export […]
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July 42012
AUD Jumps to More Than Four-Month Record vs. EUR
The Australian dollar reached the two-month high against the US currency before retreating and climbed to highest level in more than four months versus the euro today as growth of retail sales in Australia beat analysts’ estimates. Australian retain sales grew 0.5 percent in May. That is compared to traders’ expectations of a 0.3 percent increase. Moreover, the April reading was revised from a 0.2 percent decrease to a 0.1 percent rise. The data […]
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July 42012
UK Pound Struggles ahead of BOE
UK pound is struggling today, ahead of the Bank of England’s Monetary Policy Committee decision on rates. Concerns about the UK economy are on the rise, and expectations of lower rates and an expansion to the asset purchase program are contributing to a lower pound. Right now, there are expectations that the Bank of England will add 75 billion pounds to the asset purchase program, expanding it in the hopes of stimulating the economy. On top of that, there are […]
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July 42012
Ringgit Gains as US Factory Orders Beat Expectations, Falls Back
The Malaysian ringgit advanced today, following other Asian currencies in gains, after a report showed that US factory orders rose more than expected in May, easing concerns that the global economy is slowing. The currency fell recently, erasing its gains. Factory orders rose 0.7 percent in May, following two consecutive decreases. The average forecast was 0.1 percent. Ringgit was also supported by expectations of monetary […]
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July 42012
Euro Heads Lower as Economic Contraction Becomes a Real Fear
Euro is heading lower today, due in large part to the latest economic news. It appears that economic contraction is a very real possibility, and that is weighing on euro today. The news is supporting predictions that the European Central Bank will cut interest rates on Thursday in order to help stimulate the economy. The expectation of an interest rate cut, along with concerns for the eurozone economy, are dragging on the euro today. […]
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July 42012
Krona Gains as Riksbank Keeps Repo at 1.5 Percent
The Swedish krona gained today after the nation’s central bank left its key repo rate unchanged. The bank slashed the rate two times since December. The currency gave away part of its gains, but remains above the opening for now. The Riksbank left its main interest rate at 1.5 percent. The central bank explained that Sweden’s economy developed better than expected, but the eurozone crisis had its […]
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July 42012
Aussie Climbs with Stocks & Commodities
The Australian dollar advanced as global stocks and commodities rallied on prospects of an interest rate cut by the European Central Bank. Positive fundamentals in Australia also helped the currency. Riskier assets continued to rise on prospects for measures from the ECB that should spur economic growth. The Standard & Poorâs GSCI Spot Index of 24 commodities jumped as much as 3.5 percent, reaching the highest level since May 29. The Standard & Poorâs 500 […]
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