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Day: October 17, 2012
October 172012
Euro Strengthens on Good News Out of the Eurozone
Euro is finding strength today, heading higher as the news out of the eurozone improves. News about Greece and Spain is helping the 17-nation currency against most of its counterparts. Right now, euro is firming against other majors as better news improves the outlook for the 17-nation currency. In Greece, an agreement is closer to being reached about more time for the country to meet austerity requirements. The news that Greece is closer […]
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October 172012
Turkish Lira Retains Strength Even After Rate Cut
The Turkish lira strengthened today as Barclays Plc said that demand for the currency used in carry trade will remain despite the interest rate cut earlier this month. The Central Bank of the Republic of Turkey lowered the average interest rate to 5.75 percent on October 4, the lowest level in 11 months. The bank also decreased the upper end of its interest-rate corridor by 150 basis points last month. Despite that, Barclays claimed […]
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October 172012
Japanese Yen Weakens on Officials’ Comments
Japanese yen showed a little strength earlier today, logging small gains against the euro and the pound. However, things have changed since then, and the yen is weakening again, thanks to Japanese officials’ comments about economic stimulus and a weaker yen. Earlier, the yen showed strength on the Forex market. However, comments by Seiji Maehara, the Economics Minister, have put a damper on yen strength. Maehara said that the government would take […]
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October 172012
Yuan Rises as PBoC Sets Fixing Higher
The Chinese yuan rose today as the People’s Bank of China increased its reference rate. The general mood on the Forex market was also positive for the currency, allowing it to go higher. The PBoC set its daily fixing 0.12 percent higher at 6.3028 per dollar today. That was the highest level since June 20. Speculations that China is going to add stimulus were also bullish for the yuan. USD/CNY fell […]
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October 172012
EUR/USD at Monthly High Amid Traders’ Optimism
Today, EUR/USD touched the highest level in a month ahead of tomorrow’s meeting of European leaders in Brussels. Investors hope that the summit will help to find a way for Greece to remain in the eurozone. Moody’s Investor Service refrained from lowering Spain’s credit rating, adding to optimism. Most of US macroeconomic reports were also good for the market sentiment. Housing starts and building permits grew in September. Housing start advanced from 758k to 872k […]
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October 172012
Carney’s Speech Makes Canadian Dollar Weak
The Canadian dollar fell yesterday and maintained the losses today as the speech of Mark Carney, Bank of Canada’s Governor, caused speculations that the central bank will refrain from an interest rate hike. The currency reached the lowest level in more than three months against the euro. The last Carney’s speech was much less hawkish that the previous ones. That made traders worried. Previously, Governor’s comments were bullish for the loonie and another […]
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