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Day: October 3, 2012
October 32012
Swedish Krona Falls Amid Interest Rate Cut Talks
The Swedish krona weakened today amid speculations that the nation’s central bank will cut interest rates on its next policy meeting later this month. Uncertainty about the situation in Europe makes traders avoid riskier currencies, especially those of European countries. The Riksbank (Sweden’s central bank) cut its key interest rate by 25 basis points to 1.25 percent last month. The bank’s policy makers thought that […]
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October 32012
US Dollar Gains on Demand, ADP Report
US dollar is gaining ground today, heading higher on demand for safer assets. Additionally, the fact that the US economy continues to show progress is helping the greenback against other currencies. The ADP report in the United States showed that new private sector jobs grew by 162,000 for the month of September. This was better than expected, and indicates that the US economy is making some improvements — even if they […]
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October 32012
Euro Slips against US Dollar on Recession Concerns
Euro is slipping today, heading lower as data indicates that the eurozone most likely slipped into recession during the third quarter. Also weighing on the euro is the continued efforts by Spain to put of the inevitable before it finally asks for aid. Once again, business activity and new orders in the eurozone appeared to decline. The composite index from Markit Economics showed that September came in at 46.1, which is down from […]
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October 32012
Rand Dips as Investors Speculate About Lower Interest Rates
The South African rand declined today as poor domestic fundamentals added to concerns about the stalling global economic growth, leading to speculations that South Africa’s central bank may lower interest rates on its next policy meeting. Gill Marcus, Governor of the South African Reserve Bank, said that the decision to keep rates steady on the last meeting “was not an easy one”. Such comments made traders speculate that […]
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October 32012
More Bad News for Australian Dollar
The Australian dollar fell to the lowest level in a month against the US dollar and the Japanese yen as the Australian trade balance report was unexpectedly poor, spurring speculations that another interest rate cut is coming. Australia’s trade balance posted a deficit of A$2.03 billion in August, while the expected figure was A$0.69 billion. On top of that, the July reading was revised negatively from the deficit of A$0.56 billion to the trade gap of A$1.53 […]
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October 32012
Positive Data Does Not Prevent Dollar from Rising
Today’s macroeconomic data from the United States was positive, yet that did not prevent the dollar from rising against the euro. Reports from Europe and China were not nearly as positive as US data, resulting in demand for the safety of the US currency. ADP employment posted a seasonally adjusted increase of 162k in September from August, which was higher than the forecast of 145k. The August increase was revised from 201k […]
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