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Day: August 31, 2012
August 312012
Bernanke’s Speech Drives Dollar Down
The US dollar closed lower against almost all of the major currencies today after Federal Reserve Chairman Bern Bernanke hinted at the potential quantitative easing. Bernanke was speaking at the Jackson Hole Symposium today and traders have been waiting to him to give hints about the future actions of the Fed. The Chairman was lamenting about the high unemployment level and the need to address it. He said that asset purchases (the policy known […]
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August 312012
Euro Gains against Dollar, Even with Jobless Data
Euro is gaining today, heading higher as it consolidates recent gains, especially against the US dollar. Even with mixed economic data in the eurozone, the 17-nation currency has the upper hand today. Eurozone unemployment has hit a new high, with the July reading at 11.3 per cent. The news comes as the latest inflation data shows an increase of 2.6 per cent in August. The competing views of what is happening with […]
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August 312012
US Dollar Lower as Jackson Hole Meeting Gets Under Way
US dollar is lower today, dropping as the central banker symposium in Jackson Hole gets underway. Ben Bernanke is expected to speak, and that is to be the highlight of the conference — especially since ECB President Mario Draghi has pulled out of the conference. Ben Bernanke‘s remarks are highly anticipated, since he is the Chair of the most powerful central bank system in the world. United States monetary policy goes beyond […]
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August 312012
Rand Goes Higher While Traders Waiting for Bernanke’s Speech
The South African rand advanced today as mood of Forex traders shifted yet again and hopes for stimulus returned to them. The Jackson Hole Symposium makes the FX market volatile and unpredictable as the market sentiment changes all the time depending on what investors expect to be said on the meeting. Fed Chairman Ben Bernanke is going to speak at Jackson Hole today. Market participants are speculating whether he would hint at quantitative easing […]
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August 312012
Pound Stronger as House Prices Rise
The Great Britain pound was stronger today after the report showed that UK house prices grew this month more than was anticipated. Consumer confidence remained depressed, but that did not deter the sterling from rallying. The Nationwide House Price Index rose as much as 1.7 percent in August. The increase followed the drop by 0.8 percent in the previous month and was above expectations of just 0.1 percent rise. […]
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August 312012
EUR/USD Picks Up as Bernanke Says Stimulus is Possible
EUR/USD climbed today after Federal Reserve Chairman Ben Bernanke hinted at his speech today that additional rounds of asset purchases are possible. The dollar may rebound yet as the Chairman did not say that the stimulating measures are imminent. Today’s fundamental reports were not in favor of stimulus. Consumer confidence improved and factory orders grew. Business activity continued to expand, according to the Chicago PMI, albeit with […]
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