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Day: December 5, 2012
December 52012
Pound Keeps Strength amid Negative Fundamentals
The Great Britain pound fell against the US dollar, yet managed to advance versus the euro and the Japanese yen today even as fundamentals were not at all supportive for the currency. The Office for Budget Responsibility revised the growth forecast to -0.1 percent for 2012 and to 1.2 percent in 2013 in its economic and fiscal outlook. The previous forecast was 0.8 percent for this year and 2.0 percent for the next. Chancellor of Exchequer George Osborne said that austerity […]
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December 52012
Zloty Remains Strong Even as Poland’s Central Bank Cuts Rates
The Polish zloty managed to appreciate today even after Poland’s central bank slashed its key reference rate amid the economic slowdown and hinted that further rate cuts are possible. The National Bank of Poland cut its main interest rate by 25 basis points to 4.25 percent today. The bank explained the decision by negative developments in both world and domestic economies. Regarding the global fundamentals the central bank said: Incoming […]
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December 52012
US Dollar Inches Higher on Tendency Toward Risk Aversion
US dollar is inching higher today, eking out some gains after earlier softness. With the latest news out of the eurozone designed to weigh on high beta currencies, greenback is seeing some small demand right now. Earlier, the US dollar showed some softness as other currencies took center stage. However, the greenback is now making some headway as risk aversion comes creeping back. Weakness […]
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December 52012
Australian Dollar Strong Even as Economic Growth Slows
The Australian dollar retained yesterday’s gains against its US peer and rose versus some other most-traded currencies, including the Japanese yen, today even as the data showed that Australia’s economic growth slowed in the last quarter. Australia’s gross domestic product rose 0.5 percent in the third quarter of 2012 from the previous quarter on a seasonally adjusted basis. Analysts have thought that growth would remain at the second quarter’s rate […]
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December 52012
Euro Slips as Data Disappoints
Euro is heading a little bit lower, slipping as eurozone data disappoints, and as the Spanish bond auction doesn’t go as well as hoped. After hitting a seven-week high against the US dollar, the 17-nation currency is now pulling back. Once again, signs are evident that the eurozone economy is in contraction. Earlier, the euro gained ground on the expectation that the contraction was slowing a little bit, but disappointments have been […]
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December 52012
Swiss Franc Drops on Speculations About Negative Interest Rates
The Swiss franc dropped against the US dollar today and slumped versus the euro for the fifth consecutive trading session on speculations that Switzerland’s central bank may implement negative interest rates. The Swiss National Bank has introduced a cap on the euro-franc exchange rate last year and economists were speculating since then if the central bank is going to take additional drastic measures to support Switzerland’s economy. Credit Suisse announced […]
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December 52012
Rally of EUR/USD Ends on Poor Data & Spanish Debt Auction
EUR/USD ended its five-day rally today, after reaching the highest level since October 17, as the macroeconomic data from Europe was poor and Spain failed to reach target on its debt auction. The US data was a bit better, though not stellar either. On the positive side, factory orders unexpectedly grew and the services sector expanded faster than expected. On the negative side, employment growth was slower that market […]
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