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Day: July 5, 2012
July 52012
EUR/CAD Drops to Two-Year Low
The Canadian dollar reached the highest level in two years against the euro today as the European Central Bank decreased its key interest rate. The Canadian currency stayed flat versus the US dollar. The euro was weaker against other majors today and the loonie (as the Canadian currency is nicknamed) was not an exception. The wave of interest rate cuts among central banks spurred worries that the global economy is slowing. Yet […]
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July 52012
Japanese Yen Rallies on Economic News
Japanese yen is rallying today, gaining against high beta currencies as uncertainty about the markets sets in. Yen is gaining as better news in Japan is balanced against efforts at economic stimulus from other economies. Today, the Bank of Japan lifted its regional economic assessment, citing improvements in employment and investment across all of the country’s regional economies. The news stood in sharp contrast to the announcements of rate cuts in China […]
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July 52012
US Dollar Gains Amidst Rate Cuts from Central Banks
US dollar is gaining as central banks around the world make moves to stimulate their economies. Greenback is headed higher on rate cuts in Europe and China, and an increase to Britain’s asset purchase program. With central banks around the world cutting rates in an effort to stimulate their economies, it is little surprise that the US dollar is on the rise. Uncertainty is contributing to the desire for safe haven, and that means the greenback […]
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July 52012
Surprise from China: PBoC Lowers Interest Rates, Yuan Falls
The Chinese central bank made a surprise move today by cutting its interest rates for the second time in a month (the last cut was made in June and was the first after several years of stable rates). The Chinese yuan declined. The People’s Bank of China decreased its main interest rate by 31 basis points to 6 percent. The bank also decreased the deposit rate by 25 points to 3 percent. Unlike the stimulating measures from […]
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July 52012
EUR Slumps as ECB Cut Interest Rates, Reaches Record Low vs. AUD
The euro sank today, reaching a record low against the Australian dollar, after the European Central Bank announced its decision to decrease the main interest rate. The ECB lowered its minimum bid rate (the benchmark interest rate) by 25 basis points to 0.75 percent. The bank also cut the interest rate on the deposit facility from 0.25 percent to zero, effectively eliminating it. The monetary easing was expected by market participants, but […]
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July 52012
Bank of England Expands Asset Purchase Program
Today, the Great Britain pound rose against the euro, fell against the Japanese yen and was flat versus the US dollar after the Bank of England expanded its stimulating program. The BoE kept its main interest rate at 0.5 percent and expanded size of its asset purchase program by £50 billion to a total of £375 billion. The bank explained its decision: Against the background of continuing tight credit conditions and fiscal consolidation, the increased […]
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July 52012
EUR/USD Sinks After ECB Cuts Interest Rates
EUR/USD was gradually declining today ahead of the monetary policy meeting of the European Central Bank. The currency pair sharply slumped after the ECB announced that the main interest rate was cut by 25 basis points to 0.75% (event A on the chart). Such decision was expected, but the reaction of the Forex market was strong nevertheless. Employment reports were surprisingly good today, giving hope that nonfarm payrolls, which are […]
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