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Day: November 14, 2012
November 142012
Euro Jumps Despite Negative Fundamentals
The euro unexpectedly jumped today even as fundamentals in Europe were not supportive for the currency. The likely cause for the rally was the release of the Federal Reserve minutes that showed probability of additional quantitative easing. The Federal Open Market Committee released the minutes of its last monetary policy meeting. The minutes showed that some policy makers considered additional stimulating measures: Looking ahead, a number of participants indicated that additional asset purchases […]
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November 142012
NZ Dollar Drops with Retail Sales, Outperformed by Aussie
The New Zealand dollar fell against other majors today, including its Australian counterpart, after data showed a drop of New Zealand retail sales. At the same time, Australian consumer confidence improved. New Zealand retails sales fell 0.4 percent in the third quarter of 2012, following the increase of 1.3 percent in the preceding quarter. Analysts have hoped that sales would grow at the same 0.4 percent rate. Westpac Australian […]
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November 142012
Rand Slumps as Mining Strikes Cause Higher Current Account Deficit
The South African rand sank today on concerns that current account deficit widened after worker strikes have led to disruption of mining. Mining is an important part of South Africa’s economy and the problems in the sector have very strong negative impact. Mines across South Africa suffer from worker unrest that disrupted supply of metals to the market, hurting the nation’s export-driven economy. Exports declined as much as 12.5 billion rand […]
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November 142012
Loonie Gets Boost on Better News
Loonie is getting a bit of a boost today, thanks to better news. However, the gains are relatively small, and may not last, since pessimism is once again coming in to replace cautious optimism. After the Cisco report, Canadian dollar got a bit of a boost. The surprising earnings news helped markets, since the company is considered a bellwether. There are hopes that US companies are ready to start hiring again. […]
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November 142012
US Dollar Loses Ground on Risk Appetite
A little bit of risk appetite is creeping back into the picture, and the US dollar is losing a little ground as a result. Greenback is headed a bit lower today, dropping as good news in the United States prompts Forex traders to go looking for yields. The latest news out of the United States as Cisco reporting an upside earnings surprise, and that is helping the entire situation. On top of that Federal Reserve Vice Chair Janet […]
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November 142012
EUR/USD Gains Following Week of Losses as FOMC Talks About QE
EUR/USD advanced today for the first time in five days. Fundamentals were not particularly favorable to the euro as European macroeconomic data was poor and US reports were not good either, adding to risk aversion. Yet the dollar weakened, likely because of the FOMC policy minutes. The Fed policy makers have though that additional quantitative easing may be appropriate and that is bearish for the US currency. PPI fell 0.2% […]
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