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Day: July 31, 2012
July 312012
Forint Suffers from Bad German Data
The Hungarian forint fell today as negative macroeconomic data from Germany scared investors and made them reluctant to buy risky assets. German retail sales fell 0.1 percent in June, frustrating analysts who predicted a 0.6 percent increase. Unemployment rose by 7,000. Germany is the main driver of economic growth in the European Union, therefore any negative data reflects badly on smaller European economies. The coming monetary policy meeting […]
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July 312012
EUR/CAD Rebound from Record Low as Canada’s Growth Slows
The Canadian dollar fell today against most major currencies after the report showed that economic growth of the North American country slowed more than was anticipated. Canada’s gross domestic product rose 0.1 percent in May, following the 0.3 percent expansion in April. Economists hoped for an increase by at least 0.2 percent. The losses were limited as the market sentiment was supportive for higher-yielding currencies amid speculations that the Federal Reserve […]
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July 312012
US Dollar Mixed in Forex Trading Today
US dollar is mixed in Forex trading today, a product of the unsettled and interesting events taking place right now. There is a bit of risk appetite on the Forex market, and that is weighing on the greenback against the euro, but the dollar is higher against the UK pound on the difficult news out of Britain. Good news in the United States is contributing to a general feel of cautious optimism. In May, home prices rose for the fourth month […]
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July 312012
Euro Retains Upper Hand, But Sees Limitations
Euro retains the upper hand today, gaining against its major counterparts, thanks in large part to expectations about what the ECB will decide. A policy decision is expected later this week, and there are hopes that the central bank will announce a plan to buy foreign debt in an effort to bring down soaring bond yields in countries like Spain and Italy. Even with this measured optimism (after all, […]
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July 312012
Aussie Gains on Better-Than-Expected Housing Report
The Australian dollar rose today after the release of the housing report that was better than expected by market participants. The positive data reduce the probability of an interest rate cut. Building approvals fell 2.5 percent in June from May (seasonally adjusted). The reading was worse than the May data that showed growth by 27 percent, but much better than the anticipated decline by 14.6 percent. The report spurred speculations that […]
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July 312012
EUR/USD Rises Ahead of Monetary Policy Meeting of Fed & ECB
EUR/USD was higher today as traders hoped for monetary easing from both the US Federal Reserve and the European Central Bank later this week. The US data was relatively good today except for personal spending that stalled last month. Personal income rose 0.5% in June, matching forecasts, after it increased 0.3% in May. Personal income was almost unchanged (posted 0.0% change), while analysts expected […]
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July 312012
Pound Falls as Consumer Confidence Index Remains in Negative Territory
The Great Britain pound fell today against the US dollar and the euro as the report showed that confidence of Britain’s consumers remained negative. The GfK Consumer Confidence index stayed unchanged at -29 in July, while economists hoped for a little improvement to -28. Nick Moon, the Managing Director of Social Research at GfK, commented on the report: According to the latest GDP figures, the economy has suffered a further 0.7 per cent decline between April and June. […]
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