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Day: August 3, 2012
August 32012
Loonie Profits from Optimism Caused by US Payrolls
The Canadian dollar jumped today, closing near parity against its US peer, but fell versus the euro. The reason for the good performance was optimism caused by the better-than-expected US non-farm payrolls. The expected employment growth was rather big, but the actual increase was even bigger. Crude oil rallied after the report. Crude is the major export of Canada and most of it goes to the United States. At the start of the trading session, […]
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August 32012
Euro Gains as Traders Expect Some Intervention from the ECB
Risk appetite is on the rise today, following good news from the United States. While risk appetite helps the euro in general, the 17-nation currency is also being helped along by optimism about what’s next for the ECB. Many Forex traders just don’t believe that the ECB will let the euro fail. Yesterday’s announcement by ECB President Mario Draghi, which left out a plan to buy more bonds from […]
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August 32012
US Dollar Drops as Risk Appetite Comes Surging Back
Risk appetite is back in a big way today, thanks to the latest payroll data out of the United States. The US dollar is down pretty much across the board as Forex traders show their excitement over better than expected jobs data. US dollar is falling against high beta currencies like the euro and the pound, even as it gains against the yen. The good news about July’s payroll data […]
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August 32012
Pound Drops vs. Euro on Falling Services PMI
The Great Britain pound slipped versus the euro today after the report showed that UK service industries grew last month with slower pace than was anticipated. The currency gained against the US dollar. UK Services Purchasing Managers’ Index fell from 51.3 in June to 51.0 in July, according the Markit/CIPS report. Analysts hoped for an increase to 51.6. The index is getting dangerously close to the 50.0 level of no-growth. Still, […]
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August 32012
NZ Dollar Jumps After S&P Confirms Sovereign Rating
The New Zealand dollar rallied today after Standard & Poor’s confirmed the country’s sovereign credit rating and said that outlook is stable. S&P said that New Zealand’s foreign currency long-term rating remained AA with stable outlook. The rating agency cited the following reasons for the decision: The rating affirmations reflect our view that New Zealand’s credit metrics will continue to feature moderate fiscal flexibility, […]
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August 32012
EUR/USD Soars as US Payrolls Show Robust Employment Growth
EUR/USD surged today as US nonfarm payrolls were better than expected. The good data overshadowed yesterday’s disappointment from the European Central Bank. The payrolls followed the good figure from the ADP employment report earlier this week, which was misleading last month, but this time gave a good indication of employment in the United States. The US service industries also looked good. As for bad news, the unemployment rate was […]
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August 32012
Ruble Falls as Market Sentiment Poor After ECB Policy Decision
The Russian ruble weakened amid risk aversion caused by unwillingness of European Central Bank President Mario Draghi to back up his promise to address the issues of the eurozone by any real action. The ruble felt the pressure of traders’ disappointment after the ECB policy meeting. Crude oil, the main source of Russiaâs export revenue, declined 0.9 percent to $88.07 a barrel in New York. Fears that Germany’s Bundesbank would oppose the ECB actions […]
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