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Day: August 8, 2012
August 82012
Pound Rallies on King’s Comments
The Great Britain pound erased its earlier losses today after Bank of England Governor Mervyn King signaled that the central bank may refrain from lowering interest rates even as outlook for the UK economy remains gloom. King said today: Many of the conditions necessary for a recovery are in place, and the Monetary Policy Committee will continue to do all it can to bring about that recovery. As I have said many […]
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August 82012
Aussie Gains on Increasing Home Loans
The Australian dollar erased the losses versus its US counterpart and gained against the euro after the report showed that the number of home loans in Australia rose in June, giving another evidence that Australia’s economy is growing. The number of dwelling finance commitments rose 1.3 percent (seasonally adjusted) in June from May. The figure was below expectations of 2.1 percent, but better than the May reading that showed the drop […]
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August 82012
Japanese Yen Gains the Upper Hand as Traders Show Caution
Japanese yen is gaining today, heading higher as Forex traders show caution. Concerns about what’s next for the eurozone are once again front and center in the markets. Yen is gaining as Forex traders reduce their riskier positions in favor of a more measured approach to the situation. Once again, the more cautious Forex traders are turning to the yen because of its stability. Yen is considered a safe haven, and with a bit […]
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August 82012
Euro Slips as Traders Await Central Bank Moves
After three days of rallying, the euro is slipping as traders await moves from the ECB to support the 17-nation currency. Last week, Mario Draghi indicated that the ECB is ready to take some of the burden of Italy and Spain, but many are still waiting for something substantial. For now, the euro is down almost across the board against other major currencies. Euro is struggling against the US dollar, as well as the UK […]
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August 82012
Lira Falls as Industrial Production Shrinks
The Turkish lira ticked down today as the negative macroeconomic data from Turkey deterred Forex traders from buying the currency. The Turkish economy looks weak and that does not help the lira. Industrial production declined 2 percent in June from May on a seasonally adjusted basis. The data spurred speculations that the Turkish central bank would ease its monetary policy to support the failing economy. Turkey’s economy indeed requires […]
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August 82012
EUR/USD Falls with German Industrial Production
EUR/USD fell today as the decline of German industrial production added to evidences that the European economy is stalling. (Event A on the chart.) As of now, the currency pair trimmed some of its losses and attempts to rally. Preliminary nonfarm productivity rose 1.6% in the second quarter from a year ago, in line with forecasts of 1.5%. The drop in the first quarter was revised from 0.5% to 0.9%. (Event B on the chart.) Crude oil inventories decreased by 3.7 […]
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August 82012
Loonie Supported by Domestic Fundamentals & Traders’ Optimism
The Canadian dollar rallied yesterday and kept its gains today as the attractiveness of the currency was backed up by the good economic data from Canada and the positive sentiment on the Forex market. Traders felt optimistic as Germany ceded to the pressure from other European countries and no longer opposes the bond-purchasing plan of the European Central Bank. Investors were happy to hear that the major obstacle was conquered. Federal Reserve Bank of Boston President Eric […]
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