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Day: August 9, 2012
August 92012
Loonie Gets Boost from Carney’s Comments
The Canadian dollar gained today, rising for the fifth straight trading session against the US dollar, as Mark Carney, Bank of Canada’s Governor, suggested that an increase of interest rates may be needed in the near future. The Canadian economy differs from the struggling economies of some other developed nations, which strives to lower their borrowing costs. Carney said today in an interview: We had been growing above trend, and the extent to which […]
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August 92012
Uncertainty Sends Euro Lower
Uncertainty about the fate of the eurozone is once again front and center in the markets, and that is sending the euro lower. The ECB has failed to act as quickly as many would like, and disappointing German data is dragging on the 17-nation currency. Once again, eurozone leaders have disappointed Forex traders and the markets. After promising to do anything to save the euro, Mario Draghi and the ECB have failed to act. This is disappointing many, […]
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August 92012
US Dollar Surges Ahead After Economic Data
US dollar is heading higher today, surging ahead of its high beta counterparts as improved economic data is reported, and as risk appetite flees in the wake of disappointed ECB hopes. Greenback has the upper hand today against high beta currencies as the situation becomes more interesting. Hopes about action from Mario Draghi and the ECB are starting to fade. It seems clear that no one in the eurozone is […]
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August 92012
Yen Advances as BoJ Refrains from Stimulus
The Japanese yen advanced today after the Bank of Japan refrained from stimulating the nation’s economy and left its monetary policy unchanged. Earlier, the currency weakened as the Asian stocks rallied, reducing demand for the safety of yen. The BoJ kept its main interest rate near zero and the size asset purchases at 45 trillion yen, while the lending fund remained at 25 trillion yen. The bank said in the statement that “Japan’s economic activity […]
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August 92012
AUD/NZD Jumps as Australian Employment Improves
The Australian dollar gained against its New Zealand peer as employment data in Australia was better than expected, while employment in New Zealand disappointed Forex market participants who expected an improvement of New Zealand’s labor market. Australian employment added 14,000 jobs in the period from June to July, following the drop by 28,300 in the previous period. The unemployment rate was at 5.2 percent last month, while the June’s figure was […]
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August 92012
EUR/USD Continues Move Down as ECB Predicts Recession
EUR/USD continued its downward trend today as the European Central Bank failed to deliver anything material after it has promised earlier to support the eurozone. Moreover, the central bank revised its forecast for the decline of the region’s economy from 0.2% to 0.3%. At the same time, the data from the United States showed that the trade deficit shrank and unemployment claims fell. US trade balance deficit shrank to $42.9 billion in June down […]
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August 92012
NZ Dollar Suffers from Bad Employment Data
The New Zealand dollar weakened today after the bad employment data showed that optimistic expectations of analysts were totally unwarranted. The negative report sapped strength from the currency that was already weakening. Experts promised that employment in New Zealand would grow and the unemployment rate would fall. The reality was nowhere near the optimistic predictions. Employment fell by 2,000 jobs (0.1 percent) in the second quarter of this year. […]
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