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Day: December 21, 2012
December 212012
Australian Dollar Slumps as Talks About Fiscal Cliff Unsuccessful
The Australian dollar dropped today as a deadlock in the negotiations about preventing the fiscal cliff in the United States resulted in risk aversion among Forex traders. House Speaker John Boehner had to scrap his “plan B” after his own party rejected the proposal in a vote. Politicians have not much time left before the year-end to find a consensus about avoiding the so-called fiscal cliff. Unless some form of an agreement could be […]
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December 212012
Pound Retreats Further, Bounce Is Possible
The Great Britain pound extended its earlier losses today as economic growth of the last quarter was revised down. Fundamentals were not completely bad though and may yet provide support for the currency. Growth of Britain’s gross domestic product in the third quarter of 2012 was revised negatively from 1 percent to 0.9 percent. That is not bad result at all, considering that GDP was shrinking for three consecutive […]
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December 212012
US Dollar Gains Against Majors on Risk Aversion
US dollar is gaining against the other major currencies today as risk aversion sets in, thanks to the fiscal cliff. Right now, Forex traders are ignoring better economic data and instead focusing on what could be a financial disaster in the United States. And that is driving the greenback higher as Forex traders look for safe haven. It’s a bit counterintuitive: There are concerns about the US economy, but the US […]
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December 212012
Fiscal Cliff Worries Weigh on Canadian Dollar, Even After Data
Yesterday, as the session drew to a close, the loonie showed some fight, gaining as positive economic data gave Forex traders a taste for risk. That has mostly faded by now as the fiscal cliff continues to loom in the United States. Right now, better economic data is being overshadowed by the fiscal cliff. House Speaker John Boehner failed to deliver his “Plan B,” and negotiations over how to fix the fiscal cliff have stalled. […]
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December 212012
Turkish Lira Drops as Debt Yield Rises amid Fears
The Turkish lira fell today amid fear of the fiscal cliff in the United States. Such fears spooked investors away from riskier assets and drove higher yield on Turkish debt. US Republican House rejected the plan to allow higher taxes, fueling concerns that there will be no agreement among US politicians. The yield on benchmark Turkish bond increased one basis point to 6.02 percent, posting the fourth day […]
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December 212012
EUR/USD Halts Rally amid Deadlock in US Political Negotiations
EUR/USD dropped today on the deadlock in discussions about measures required to avoid the so-calledfiscal cliff in the United States. The economic indices were good today with the exception of consumer sentiment, which was revised down from the preliminary reading. Durable goods orders grew 0.7%, beating market expectations of 0.2% growth. The October reading was significantly revised from no change to a 1.1% increase. (Event A on the chart.) Personal income and spending rose […]
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December 212012
Pound Weakened by Consumer Confidence & Retail Sales
The Great Britain pound dropped against the US dollar today as consumer confidence deteriorated this month and retail sales were unchanged last month. The currency gained versus the euro. UK retail sales were unchanged in November, while market participants were hoping for an increase by 0.3 percent. The reading was still better than in October (drop by 0.7 percent). GfK consumer confidence index dropped from -22 in November to -29 […]
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