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Day: October 9, 2012
October 92012
CAD Stronger vs. Greenback, Down vs. USD & JPY
The Canadian dollar gained against the euro today as commodities rallied, increasing the attractiveness of the currency. The loonie weakened against the US dollar and the Japanese yen though, as the market sentiment was not very positive today. The Standard & Poorâs GSCI Index of 24 commodities gained 1 percent today, following two sessions of decline. Crude oil jumped as much as 1.4 percent to $90.62 per barrel in New York. The risk sentiment improved […]
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October 92012
Japanese Yen Gains on Concerns about Global Economy
Japanese yen is gaining today, thanks in large part to concerns about the global economy. Worries about what’s next for the economy have some Forex traders looking for safe haven, and that is boosting the yen today. The International Monetary Fund issued a warning ahead of its meeting with the World Bank, indicating that the situation for the global economy is approaching dire. Between the “fiscal cliff” in the United States, and the increased possibility […]
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October 92012
Euro Maintains Losses After Draghi’s Speech
The euro maintained its losses today after European Central Bank President Mario Draghi followed the International Monetary Fund in pessimistic outlook for Europe’s economy. On top of that, the French trade balance deficit was bigger than expected. Draghi said today in Brussels: Looking ahead, we expect weak economic activity in the near term and only a very gradual recovery after that. The risks to this outlook are on the downside, mainly […]
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October 92012
US Dollar Firms After Mario Draghi’s Speech
US dollar firmed, especially against the euro, following a speech given by European Central Bank President Mario Draghi to the European Parliament. Draghi’s speech once again draws attention to the economic situation in the eurozone, which can be contrasted with the US economy’s recovery. Even though the US economy is recovering at a rather slow rate, the fact of the matter is that there is some recovery there. The latest unemployment reading […]
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October 92012
Aussie Rebounds on Europe & Commodities
The Australian dollar climbed today, rebounding from the lowest level in three months, as European financial ministers announced that the permanent bailout fund is operational and as commodity prices went higher. Europe’s finance chiefs were meeting yesterday and after the meeting they announced that the full-time fund is now available for aid of the problem-ridden countries. Prices for iron ore, the main export commodity of Australia, jumped to the highest level in more than […]
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October 92012
Euro Stays Lower on IMF Projections
The euro was lower yesterday and kept its losses today against the US dollar and the Japanese yen after the International Monetary Fund cuts it growth forecast for the eurozone and predicted that inflation will slow, leading, perhaps, to lower interest rates. The IMF predicted that the economy of the euro area will rise 0.2 percent in 2013, while the previous estimate was 0.7 percent. The economy is expected to decline by 0.4 percent […]
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