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Day: November 8, 2012
November 82012
BoE Monetary Policy Decision Benefits Sterling
The Bank of England maintained its main interest rate and the size of the asset purchase program today. That allowed the Great Britain pound to gain against the euro and to erase gains versus the US dollar. The currency remained weak against the Japanese yen. The BoE announced today: The Bank of Englandâs Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock […]
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November 82012
Euro Drops as ECB Keeps Interest Rates Unchanged
The euro dropped today against other most-traded currencies after the European Central Bank refrained from cutting interest rates and predicted that economic growth of the eurozone will remain weak. The ECB left its main interest rate at 0.75 percent at today’s policy meeting. Some market participants have hoped that the central bank would ease its monetary policy and were disappointed by the bank’s decision. Usually, stable rates […]
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November 82012
US Dollar Mixed against Major Currencies
US dollar is mixed against major currencies today as markets look for direction after yesterday’s rout of risk assets. Today, there has been some measure of recovery, but there are still enough doubts to help the greenback in some cases. Against the euro, the US dollar is gaining ground solidly. Even though the Greek parliament accepted austerity measures that allow it to continue receiving help from […]
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November 82012
Canadian Dollar Finds Some Support
Canadian dollar is fining some support today as risk appetite makes a cautious reappearance in the markets. Loonie is inching higher against many other major currencies, thanks to a little more optimism, and some strength. Yesterday, the Canadian dollar closed lower as risk assets experienced a rout. Concerns about whether or not Republicans and Democrats in the US Congress can come together to avoid a fiscal cliff had all of the markets reeling. […]
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November 82012
EUR/USD Falls as ECB Refrains from Cutting Rates
EUR/USD extended its fall today after the European Central Bank maintained its interest rates. (Event A on the chart.) Traders have hoped that the central bank will ease its monetary policy and were not particularly pleased with the decision, spoiling their mood that was already sour after the US election. Even better-than-expected economic reports from the United States did not help the market sentiment. US […]
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November 82012
AUD Gains on NZD on Employment Data
The Australian dollar jumped against its New Zealand peer as the employment report from Australia was much better than the data from New Zealand. The Aussie retreated against the Japanese yen amid the risk-negative market sentiment and was flat versus the greenback . Australia’s employment grew by 10,700 jobs in October from the preceding month, while analysts have thought it would be little changed. The unemployment rate stayed at 5.4 […]
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November 82012
Yen Gains on Concerns About Europe’s Crisis & US Fiscal Cliff
The Japanese yen gained today, extending yesterday’s rally, amid concerns about the situation in Europe and after Barack Obama won the US presidential election, spurring talks about the danger of the fiscal cliff. The victory of Obama was positive for the risk sentiment in the long term as it means that Ben Bernanke will stay as a chairman of the Federal Reserve and will maintain his extremely accommodative monetary policy. In the short term though, market participants […]
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