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Day: November 16, 2012
November 162012
Canadian Dollar Rises as US Politicians Discuss Fiscal Cliff
The Canadian dollar erased its losses versus the US dollar and the Japanese yen today, while advancing against the euro, on hopes that US politicians will reach an agreement about a way to avoid the fiscal cliff. The time for automatic tax increases and spending cuts is near and that danger causes fear on markets. Many economists believe that so-called fiscal cliff will push the US economy into recession. The global economy […]
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November 162012
Won Drops on Fears of US Fiscal Cliff
The South Korean won fell today as worries about the budget deficit in the United States of America made investors less willing to buy higher-yielding currencies. The time is nearing when automatic spending cuts and higher taxes will kick in, threatening the US economy. Something is required to be done with that danger, but market participants are worried that the President and Congress have hard time finding an agreement. […]
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November 162012
US Dollar Index Rises on Uncertainty
US dollar index is getting a boost as uncertainty remains the biggest threat to high beta currencies. The macroeconomic situation, as well as the individual situations in various regions, is pointing to slowdown and uncertainty. As a result, the greenback is mostly higher today. Greenback is gaining against the euro especially, thanks to the news that the eurozone is officially in recession. Even talk of the US fiscal cliff isn’t dampening interesting in the US dollar as concerns about […]
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November 162012
Ruble Slips as Risky Currencies Lose Appeal
The Russian ruble dropped today as worries about the health of the global economy spurred risk aversion and drove investors away from riskier currencies of emerging markets. US President Barack Obama meets with Congress today to negotiate measures for avoiding the fiscal cliff. Yesterday’s report showed that the eurozone, the biggest trading partner of Russia, remains in recession. The poor economic data led to decline of prices on crude oil, the major source of Russia’s […]
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November 162012
Euro Falls on Economic News
Euro is lower today, falling as economic news weighs on the 17-nation currency. The Center for Economic and Policy Research is reporting that the eurozone has been in recession since the third quarter of 2011. That news is weighing on the euro today, as is the fact that there appears to be no progress with Greece. After recognizing continued contraction in the eurozone economy, Forex trader focus is now on Greece. International leaders […]
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November 162012
EUR/USD Gives Ground as Negativity Persists
EUR/USD submitted to negative fundamentals at last, falling today after two sessions of gains. Europe’s fundamental data continues to be poor and the fact that the Greek parliament voted for austerity measures did not help traders’ confidence as that did not ensure a bailout for the indebted country. The US reports today continued this week’s trend of bad data, signaling that the US economy is not without its share of problems. […]
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November 162012
Australian Dollar Drops as Central Bank Increases Currency Sales
The Australian dollar dropped after the Reserve Bank of Australia increased its currency sales and as fundamentals were not supportive for assets associated with risk. The Aussie managed to outperform the Japanese yen. Australia’s central bank extended its sales of the domestic currency last month. The RBA sold A$483 million more than it bought in October. Demand for the Australian dollar was limited amid risk aversion on the currency markets. Poor macroeconomic […]
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November 162012
Yen Stays Weak After Noda Dissolves Parliament
The Japanese yen remained weak today on speculations that the coming elections will bring new leadership for Japan, resulting in additional stimulating measures from the nation’s central bank. Japanese Prime Minister Yoshihiko Noda dissolved the parliament today. Most analysts believe that the major opposition Liberal Democratic Party will win the coming elections. Moreover, it is expected that the party’s leader Shinzo Abe will become the next […]
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