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Day: August 29, 2012
August 292012
Aussie Attempts to Hold Ground
The Australian dollar felt downside pressure today as economists believed that fundamentals would not be in favor of the Australian currency. The Aussie lost its gains against the US dollar, but managed to retain its advance versus the Japanese yen. Analysts estimated that Australian building approvals fell 5 percent in July, following the 2.5 percent drop in June. China’s manufacturing Purchasing Managers Index declined from 50.1 to 50 […]
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August 292012
Draghi Prepares Markets for Possibility of “Exceptional Measures”
Once again, rumors are flying concerning the euro, and what could be done to save it. Mario Draghi wrote an English-language opinion piece published earlier in Die Zeit, a German newspaper. The piece takes a look at the future of the euro, and lays out what Draghi considers “exceptional measures”, as well as calling for a fundamental change in the makeup of the eurozone. Many euro watchers have been hoping for ECB intervention, including the possibility of buying bonds […]
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August 292012
UK Pound Consolidates after Recent Gains
UK pound is moving higher, consolidating after yesterday’s gains. Sterling is heading higher today, in line with market movements. However, the pound isn’t making any big moves, as there are still a lot of questions that need answering, and the UK economic outlook is far from certain. For the most part, UK pound is rangebound today. Even though the currency is consolidating recent gains after […]
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August 292012
EUR/USD Down as Signs of Economic Growth in USA Trim Stimulus Bets
EUR/USD weakened today as the positive macroeconomic data from the United States reduced incentive for the Federal Reserve to ease its monetary policy. US economy continued to grow and the housing market showed signs of strength. Those who bet on quantitative easing from the Fed feel themselves less certain now. US GDP rose 1.7% in the second quarter of 2012, matching forecasts. GDP expanded 2.0% in the first quarter. (Event A on the chart.) Pending […]
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August 292012
Rand Feels Weaker as GDP Trails Forecasts
The South African rand retreated today as nation’s economic growth was slower than investors had hoped for. Nevertheless, the losses were limited as Forex market participants still hope that Europe would deal with its problems and the Federal Reserve would ease its monetary policy. South Africa’s gross domestic product expanded 3.2 percent in the second quarter on an annual basis, following the 2.7 percent growth in the first […]
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August 292012
Prices for Oil Rise, Canadian Dollar Follows
The Canadian dollar advanced as prices for crude oil, the major nation’s export, gained, adding to the appeal of Canadian assets. Traders felt confident enough today to buy the Canadian currency. Futures on crude oil gained as much as 0.9 percent to $96.33 per barrel in New York yesterday. Prices for crude were rising as Hurricane Isaac heads to the Gulf of Mexico, forcing oil companies to halt their operations. The region contributes more than a quarter […]
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