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Day: July 25, 2012
July 252012
NZ Dollar Remains Strong After RBNZ Holds Interest Rate
The New Zealand dollar jumped today and remained strong after the nation’s central bank announced that the main interest rate remains unchanged. The decision was expected, but it was positive for the currency nevertheless as the current economic conditions often force central banks to ease their monetary policies. The absence of an interest rate cut was viewed as a sign of robust economic growth. The Reserve Bank of New Zealand kept its benchmark […]
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July 252012
Pound Drops as GDP Shrinks
The Great Britain pound dropped today after the government report showed that the UK economy contracted in the second quarter of this year more than was estimated by analysts. Britain’s gross domestic product shrank 0.7 percent in the second quarter of 2012 from the previous quarter. The reading was below market expectations of a 0.2 percent drop. That was the third consecutive decline and the quarter was the worst since the first three months […]
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July 252012
Is More Easing on the Way for the Japanese Yen?
Could more easing be on the way for the Japanese yen? There is that possibility, according to Japanese monetary policymakers. The move would weaken a yen that has been appreciating recently. For now, intervention might not be considered necessary for Japanese officials. After all, today the yen is lower in general as Forex traders enjoy a little risk appetite. However, the yen has been in demand recently as eurozone troubles threaten […]
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July 252012
Won Falls with Consumer Confidence
The South Korean won fell today as poor domestic fundamentals added to the negative impact of the European crisis on riskier currencies. Fears of slowdown also made the won weaker, yet the currency managed to rebound recently. This month, the confidence of South Korean consumers dropped to the lowest level in five months. The German Ifo Business Climate Index was down from 105.2 in June to 103.3 in July. The Bloomberg-JPMorgan Asia Dollar Index was at the lowest […]
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July 252012
Euro Rallies on ECB Comments
Euro is rallying today, heading higher against most major currencies as an official at the European Central Bank expressed the thought that a banking license might be a good idea for the eurozone bailout fund. Optimism about the euro is returning as Forex traders and investors look for a solution to the eurozone debt crisis. Ewald Nowotny, one of the policymakers at the ECB, said earlier that there were arguments in favor of a banking license for the European Stability […]
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July 252012
Aussie Erases Gains on Faster Inflation Growth
The Australian dollar was falling today, but erased its losses as inflation report showed that consumer prices rose faster than was anticipated, decreasing the probability of an interest rate cut. The Australian Consumer Price Index increased 0.5 percent in the second quarter from the first quarter. The growth was somewhat below the expected 0.6 percent, but much higher than the 0.1 percent increase in the first quarter. The rising inflation […]
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July 252012
EUR/USD Rises on Speculation About ESM
EUR/USD climbed today, erasing yesterday’s losses, on speculations that the permanent European rescue fund (the ESM) would be given a banking license. The fund would get an access to the ECB funding, increasing its firepower. At the same time, the news from the United States was not good as manufacturing unexpectedly declined and new home sales fell more than was anticipated. New home sales was at a seasonally adjusted annual rate […]
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