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Day: December 13, 2012
December 132012
Swedish Krona Suffers as CPI Drops & Unemployment Grows
The Swedish krona declined today as the unemployment rate climbed and consumer prices declined, fueling speculations that the central bank will lower interest rates next week. The Consumer Price Index fell 0.1 percent in November following the increase by 0.4 percent in October. That was the first decline of consumer prices in three years. The seasonally adjusted unemployment rate rose to 8.1 percent in November, touching the highest level in two years. The krona […]
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December 132012
Yen Falls to Lowest Since May 2011 vs. Sterling
The Japanese yen continued its rally downside today amid speculations that Japanese policy makers will ease the monetary policy further. The yen reached the lowest level in more than a year against the sterling, which itself was rather weak. The yen was soft after the US Federal Reserve eased its already accommodative policy. Firstly, the decision put the Forex market in a risk-on mode, reducing demand for the yen as a safe […]
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December 132012
Euro a Little Lower, Even with Greek Aid Agreement
Euro is a little lower right now, but the 17-nation currency has been paring some of its earlier losses. Euro is struggling against the US dollar today, even though the news should ostensibly be helping the 17-nation currency. First of all, the news out of the eurozone is mostly positive. European finance ministers lent their official backing to the latest Greek deal, so money should be flowing […]
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December 132012
UK Pound Struggles Despite Better CBI Survey
UK pound is struggling this morning, weighed down by a touch of risk aversion even as the CBI survey comes in with better news. The pound is under pressure today, even though the CBI Industrial Trends Survey showed a better performance, coming in at nine points higher in December than the reading in November. However, there is a little bit of risk aversion in the Forex market today. European stocks are struggling, including […]
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December 132012
NZ Dollar Supported by Risk Appetite Despite Poor Data
The New Zealand dollar was firm today despite negative domestic fundamentals. Yesterday’s announcement of the Federal Reserve put the Forex market in a risk-positive mode, overshadowing most other news. The BusinessNZ seasonally adjusted manufacturing PMI fell from 50.3 in October to 48.8 in November, indicating a decline of the manufacturing sector. The Food Price Index dropped 0.8 percent in November from October, when it slid 0.6 percent. Nevertheless, the kiwi (as the New […]
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December 132012
Franc Erases Gains vs. Dollar & Yen as SNB Maintains Ceiling
The Swiss franc erased its earlier gains versus the US dollar and the Japanese yen after the Swiss National Bank maintained the ceiling for the currency. Surprisingly, the franc managed to gain on the euro despite the unfavorable news. The SNB left the cap of 1.20 francs per euro unchanged at today’s policy meeting. The central bank said in the statement: The Swiss franc is still high. An appreciation of the Swiss franc would compromise price stability and would have […]
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December 132012
EUR/USD Rallies for Fourth Day
EUR/USD extended its rally today, rising for the fourth day, as Greece secured the next tranche of bailout. European finance ministers decided that the European Central Bank will supervise banks of the European Union. The news from the United States was mixed as unemployment dropped but other indicators were worse than expected. PPI dropped 0.8% in November. The drop was bigger than analysts’ expectations of 0.5% and the October fall by 0.2%. […]
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December 132012
South Korean Won Gets Strength from Fed’s Announcement
The South Korean won climbed today after the Federal Reserve announced yesterday additional measures to support the struggling US economy and foster growth. The major event allowed higher-yielding currencies to ignore some negative data that came out before. The Fed announced that it is going to buy $45 billion of Treasuries per month. Together with $40 billion purchases of mortgage-backed securities, the asset purchase program was expanded […]
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December 132012
Canadian Dollar Reaches 9-Month Record vs. Yen
The Canadian dollar rallied to the highest level since March against the Japanese yen and advanced versus the US dollar after the Federal Reserve expanded its asset purchase program. The currency retreated against the euro. Traders have expected that the Fed would add stimulus and the US central bank did not disappoint. The resulting risk appetite lifted riskier assets, including stocks and commodities. Crude oil, the major Canadian export, advanced […]
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