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Day: November 2, 2012
November 22012
US Dollar Retains Gains After Release of October Jobs Data
US dollar is moving higher today, thanks to better than expected economic data, and concerns about what’s happening in the Europe. Greenback is hanging on to some of its earlier gains against the euro and the pound, and moving higher against the yen. US economic data has been showing something of improvement, even though the pace is somewhat slow. However, the trend for better data is there, and it is showing with […]
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November 22012
Rand Declines Amid Signs of Slowdown in South Africa
The South African rand slumped today, following three sessions of gains, as signs of slowing economic growth of South Africa diminished the attractiveness of the currency even in the current risk-positive environment. The manufacturing Purchasing Managers’ Index declined for the third straight month in October, indicating contraction of the sector. Mining strikes led to rise of unemployment. The poor fundamentals made South African officials believe that nation’s growth will slow from 3.1 percent last […]
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November 22012
UK Data Pushes Pound Higher Against Euro
UK economic data is showing improvement, and that is helping push the pound higher against the euro. UK data is being contrasted with eurozone data, and the result is helping the pound. PMI data for construction in the United Kingdom rose to 50.9, beating expectations. Last week, third quarter GDP data indicated that the United Kingdom had moved out of recession. All of this is contrasted with eurozone […]
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November 22012
Mexican Peso Rises on US Employment Data
The Mexican peso advanced as favorable US employment data kept the Forex market in the risk-on mode, supporting demand for higher-yielding currencies of emerging economies. Yesterday, a report showed that US employment grew by 158,000 jobs in October. Today, US nonfarm payrolls data was released, demonstrating an increase by 171,000 last month, beating market expectations of 123,000. Coupled with the positive outlook for Mexico’s growth, the news helped the peso to rise. USD/MXN […]
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November 22012
EUR/USD Sinks as US Labor Market Looks Far Better than European
EUR/USD sank today as data confirmed that the US labor market continues to improve. That was a stark contrast to the European employment, which was worsening. Other sectors of the European economy also look far worse than the US ones. US nonfarm payrolls climbed as much as 171k in October, the rate of growth being far above the predicted change of 123k. Moreover, the September reading was positively revised from 114k to 148k. […]
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