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Day: November 1, 2012
November 12012
Koruna Firm Even as Czech Central Bank Cuts Repo Rate to Record Low
The Czech koruna remained firm even after the nation’s central bank cut its key two-week repo rate to the record low. The central bank predicted that the economy will contract this year, but will return to growth next year. The Czech National Bank lowered its main interest rate by 20 basis points to 0.05 percent. An interest rate cut was expected only by minority of the market analysts and and even […]
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November 12012
Loonie Gets Boost from Positive US Data
The Canadian dollar jumped today as positive macroeconomic reports from Canada’s neighbor, the United States of America, strengthened risk appetite on the Forex market, benefiting currencies related to commodities and economic growth. US employers added as much as 158,000 in October, according to the report of Automatic Data Processing, beating analysts’ forecasts. Unemployment claims fell from 372,000 to 363,000 last week, while market participants have expected them to stay little changed. […]
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November 12012
Euro Gains as Forex Traders Look for Higher Yields
Euro is heading higher today, gaining as improved economic data in the United States, as well as news out of China, helps high beta currencies. Euro is higher against currencies like the dollar and the yen, but struggling against the pound. Once again, Greece is in focus, with a new plan for meeting austerity requirements in order to qualify for more bailout funds in focus. It looks increasingly like some sort of debt […]
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November 12012
US Dollar Drops as Economic News Improves
US dollar is dropping today, thanks to the fact that economic news is showing some improvement. Greenback had inched higher a little earlier, but now risk appetite is making an appearance and the dollar is lower. Even though manufacturing grew at a slower pace in October, the ISM is still at 51.5, which indicates expansion. That is good news, even though it could be better. Unemployment […]
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November 12012
Norwegian Krone Holds Ground Even as Manufacturing Struggles
Sweden was not the only country with declining manufacturing as countries all over Europe suffer from the crisis. Norway’s manufacturing also struggled, but the nation’s currency managed to hold ground, unlike the Swedish one. The Norwegian Purchasing Managers’ Index declined 49.1 to 48.7 in October. The data spurred speculations that the Norges Bank will refrain from an interest rate hike and, indeed, Oeystein Olsen, the central bank’s Governor, […]
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November 12012
Swedish Krona Dips as Manufacturing Contracts
The Swedish krona declined today as Sweden’s manufacturing index dip further last month as exporters struggled amid the European fiscal crisis. The unfavorable data spurred speculations that economic growth this quarter will be weak. The Swedish Purchasing Managers’ Index declined from 44.7 to 43.1 in October. Analysts have hoped for an increase to 45.0. A reading below 50.0 indicates contraction. Exports fell 13 in September as demand from Europe […]
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November 12012
EUR/USD Goes Down on Signs of Improvement in US Economy
EUR/USD declined today on signs that the US economy is improving, while the future of the eurozone remains unclear. There was also negative data, but that did not hurt the dollar. This day was unusually rich on fundamental reports as releases were postponed due to the hurricane. ADP employment demonstrated an increase of 158k in October, which was near the September’s growth of 162k. Forecasts promised a moderate rise by 138k. (Event […]
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November 12012
Yen Remains Weak as Stimulus Speculations Persist
The Japanese yen remained weak today ahead of the Bank of Japan’s policy meeting minutes tomorrow amid speculations that the central bank will ease its policy further. The risk-positive market sentiment also weakened the currency. Tomorrow, the BoJ will release the minutes of the meeting that was held on October 4–5. Panasonic Corp. predicted the second-biggest loss in history of the company. Such forecast led to speculations that Japan’s trade balance deficit […]
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November 12012
CAD Remains Flat After Data Shows GDP Decline
The Canadian dollar rose yesterday amid returning risk appetite, but trimmed its gains as Canada’s economy unexpectedly shrank in August. Today, the currency remained almost flat, waiting for more news to give it direction. Canada’s gross domestic product declined 0.1 percent in August, frustrating economists who expected it to grow with the same rate of 0.2 percent as in July. That was the first decline since February. The negative […]
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