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Day: September 13, 2012
September 132012
QE3 Announced, Dollar Suffers
The US dollar slumped today to the lowest level since May against the euro and the Great Britain pound and to the lowest since February versus the Japanese yen after the Federal Reserve announced that it is going to start the third round of the asset purchase program known as quantitative easing. The Fed said in today’s statement: To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with […]
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September 132012
Won Remains Weak Even as BoK Maintains Key Rate
The South Korean won fell today and remained weak even after the nation’s central bank maintained its key interest rate, frustrating analysts who predicted an interest rate cut. The Bank of Korea left its main rate at 3 percent. The BoK has cut the lending rate by 25 basis points in July and the majority of analysts believed that the bank would perform the same move this month. The central bank disappointed […]
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September 132012
Loonie Gets a Boost on Better Economic Data Before Falling Back
Canadian dollar is getting a boost today, heading higher as economic data in Canada shows a measure of improvement. Home prices in Canada rose 0.1% in July, and the economy has never been as badly off as the US economy. Also helping the loonie is the increase in oil prices. Loonie was a little bit higher earlier today, getting a boost as better economic data in Canada contrasted with the continued sluggishness seen in the United States. […]
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September 132012
Swiss Franc Falls as SNB Committed to Keep Ceiling
The Swiss franc dropped today after the Swiss National Bank kept its monetary policy unchanged and reiterated the pledge to keep the cap of 1.20 francs per euro. The Swiss currency extended its bearish movement against the euro and halted the rally versus the US dollar. The SNB said that it will continue to enforce the minimum exchange rate “with the utmost determination”. The central bank explained its stance: The Swiss franc is […]
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September 132012
Euro Hits a Wall as Uncertainty Returns
Euro is hitting a bit of a wall as uncertainty makes an appearance today. Many Forex traders are in wait and see mode until the Federal Reserve comes out with its interest rate and economic policy announcement. While interest rates aren’t likely to change, many are interested to find out whether the United States will see another round of stimulus. Euro has been advancing rather well in recent days, […]
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September 132012
EUR/USD Soars as Fed Initiates QE3
EUR/USD surged today, touching the highest level since May 9, after the Federal Reserve announced the next round of quantitative easing and extended its pledge to keep the interest rate low till mid-2015. The decision was priced in, but the currency pair jumped nevertheless. Rising unemployment claims and the swelling budget deficit suggested that the US economy indeed needs stimulus. PPI surged 1.7% in August, demonstrating a bigger increase […]
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September 132012
RBNZ Keeps Rates Stable, Kiwi Moves Higher
The New Zealand dollar gained versus the US dollar and kept yesterday’s gains against the Japanese yen today after the Reserve Bank of New Zealand maintained its key official cash rate unchanged. New Zealand’s central bank left the main interest rate at 2.5 percent. In the rate statement, Governor Alan Bollard mentioned the economic slowdown of its trading partners: New Zealandâs trading partner outlook remains weak. Several […]
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