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Day: August 1, 2012
August 12012
No QE from Fed Means Stronger Dollar
The US dollar jumped today after the Federal Reserve decided, following the two-day policy meeting, to refrain from performing a new round of quantitative easing. The Fed was not very optimistic about economic growth. The Federal Open Market Committee said in its statement: The Committee expects economic growth to remain moderate over coming quarters and then to pick up very gradually. Consequently, the Committee anticipates that the unemployment rate will […]
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August 12012
Euro Waits for Central Bank News
Euro is fairly steady today, as the world waits for central bank decisions. While euro has slipped a little against the US dollar, it is still holding its own. Euro is higher against the pound and the yen. Right now, the main focus is the meeting by European Central Bank policymakers. A policy announcement is expected tomorrow, and it is expected to focus on helping the eurozone stabilize. Some are hoping […]
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August 12012
UK Pound Weaker on Economic Data
Central bank decisions are on the way this week, but that isn’t helping the UK pound much. Indeed, another dismal manufacturing report is dragging on the pound today. The UK recession seems to be deepening, and there is no way that the Olympics are going to be able turn things around. UK pound is headed lower today, as concerns about the economy rise. Housing data, as well as manufacturing […]
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August 12012
Indonesian Rupiah Declines While Trade Deficit Expands
The Indonesian rupiah fell today after the report showed that exports fell, leading to a bigger-than-expected trade balance deficit and declining attractiveness of the currency. Indonesia’s trade deficit was at $1.3 billion in June, being almost double the predicted amount of $530 million. Exports fell as much as 16.4 percent from a year ago, demonstrating the biggest drop since September 2009. Inflation picked up to 4.56 percent in July, reaching the fastest expansion […]
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August 12012
Yuan Declines on PMI Figure
The Chinese yuan fell today after the worse-than-expected manufacturing report. The uncertainty about the policy decisions of the Federal Reserve and the European Central Bank also made traders reluctant to buy risky currencies. The China Federation of Logistics and Purchasing reported that Manufacturing Purchasing Managers’ Index was at 50.1 in July, while market participants hoped for the figure of 50.4. The yuan fell after the report even as the Peopleâs Bank of China raised the reference rate by 0.02 […]
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August 12012
EUR/USD Drops as Fed Disappoints Markets
EUR/USD slumped today after the Federal Reserve disappointed Forex traders as it refrained from stimulus. The Fed said it would continue to do what it has promised earlier, namely keeping the rates low till at least the late 2014 and extending the average maturity of its securities. Yet that was not market participants were hoping for, making the dollar stronger. Tomorrow, the European Central Bank will announce […]
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