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Day: October 24, 2012
October 242012
Euro Drops on Economic News Out of Germany
Euro is heading lower today, dropping as the latest economic news out of Germany weighs on the 17-nation currency. It’s also not helping that Spain continues to be a source of concern. German data is causing disappointment today. The latest PMI data for Germany is lower than expected, and the latest Ifo survey is weaker as well. Germany represents that regional powerhouse, and the euro relies heavily on good performance out […]
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October 242012
US Dollar Index Inches Higher on Risk Aversion
The US dollar index is a little bit higher today, gaining as risk aversion makes an appearance. Over night, following a rebound by riskier assets, the situation has deteriorated, and now the greenback has the upper hand. Earlier, high beta currencies saw gains. The early portion of the Asian session showed risk appetite. However, markets are struggling a little bit now, thanks to weakness in Europe, and concerns over what’s next. Even […]
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October 242012
Yuan Rises as Manufacturing PMI Improves
The Chinese yuan advanced today as the preliminary index of China’s manufacturing rose this month, giving hope that the biggest Asian economy will avoid hard landing and will continue to support global growth. The HSBC/Markit manufacturing Purchasing Managers’ Index rose from 47.9 in September to 49.1 in October. The value remained under 50.0, though, indicating contraction. Adding to the negative factors, Europe continues to struggle amid the crisis. China’s export-driven economy […]
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October 242012
Swedish Krona Weakens as Consumer Confidence Deteriorates
The Swedish krona dropped today as Sweden’s consumer confidence was far worse than expected and data from other European countries suggested that the economy of the eurozone remains fragile. The consumer confidence index declined to -2.9 in October from 2 in September. Analysts have expected it to be just a little lower at 1.7. Other confidence indicators were also lower. The poor data from Sweden added to negative reports from […]
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October 242012
EUR/USD Remains Low After FOMC Statement
EUR/USD was weak today on signs that the European economy struggles amid the financial crisis. The policy meeting of the US central bank did not help the currency pair as the Federal Reserve did not change its stance. New home sales were at the seasonally adjusted rate of 389k in September, higher that the August rate of 368k (revised from 373k) and the forecast of 386k. (Event A on the chart.) Crude oil inventories increased by 5.9 […]
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