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Day: November 22, 2012
November 222012
Brazilian Real Drops Despite Positive FX Market Sentiment
The Brazilian real dropped today as policy makers hinted that they prefer to see the currency weaker. Today’s market sentiment was positive for currencies of emerging markets and the real was rising earlier, but currently it erased its gains. The Brazilian currency was weakening and Finance Minister Guido Mantega commented that the currency was in a ânormal trajectoryâ. President Dilma Rousseff said that the currency is overvalued. Central Bank […]
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November 222012
Pound Loses Ground as Forex Traders Consider Direction
UK pound is losing ground today, even though the good news out of China is providing a little bit of support. For the most part, Forex traders are in wait and see mode, with no major economic data out of the United Kingdom expected for the rest of the week, and with low volume in general, stemming from holidays in the United States and Japan. UK pound is a little bit lower, in spite of good news […]
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November 222012
Canadian Dollar Struggles a Bit on Retail Sales Data
Trade has been relatively quiet today, with US markets closed for the Thanksgiving holiday. However, in the Forex market there has been a measure of risk appetite. The Canadian dollar does not seem to be benefitting from that appetite, though, thanks to latest retail sales data. Economists had expected Canadian retail sales for September to grow by 0.5 per cent. Instead, they only grew by 0.1 per cent. […]
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November 222012
Yuan Advances as China’s Manufacturing Grows
The Chinese yuan went higher today after a report showed that China’s manufacturing expanded for the first time in a year, suggesting that the Asian economy may avoid “hard landing”. The Chinese manufacturing Purchasing Managers’ Index grew from 49.5 to 50.4 in November, reaching the highest level in 13 months. That was the first month of growth since November 2011. The report said: As Novemberâs flash reading of HSBC manufacturing PMI bounced […]
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November 222012
Euro Gains on Improving Manufacturing & EU Summit
The euro advanced today, rising for the second session versus the Japanese yen, as signs of improving manufacturing in the eurozone added to hopes about today’s summit, resulting in a positive market sentiment. The eurozone manufacturing Purchasing Managers’ Index rose from 45.4 to 46.2 in November, reaching the highest level in eight months. The index still indicated a decline, but at least with slower pace. German and French manufacturing also improved. The European Union summit is […]
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November 222012
Dollar Weak on Positive US Fundamentals & Hopes for Greece
The US dollar was soft at the beginning of today’s trading session on hopes that Greece will receive an aid after all. The positive fundamental data from the United States added to the weakness of the greenback. The currency trimmed its losses though and may yet rebound. The leaders of the European Union are meeting today and investors hope that the summit will bring clarity to the situation with Greece. Many analysts do not believe that […]
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November 222012
Rand Weakens on Greek Debt Woes
The South African rand fell today as the delay of a bailout for Greece sparked risk aversion on the Forex market. The currency stayed weak after nation’s inflation unexpectedly accelerated. South Africa inflation rose from 5.5 percent in September to 5.6 percent in October. Analysts have expected a drop to 5.4 percent. According to some economists, it is likely that the inflation rate will continue to increase further. Worries about an aid for Greece […]
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