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Day: December 24, 2012
December 242012
Pound Struggles on Home Prices Data
UK pound is struggling today, especially against the euro. Concerns about the economy continue to weigh on the British currency as austerity measures slow economic growth. George Osborne‘s austerity plan has been backfiring quite a bit recently, and that has been weighing on the UK pound against its European counterparts. Austerity measures were meant to reduce the deficit, but it has grown. On top of that austerity is hindering […]
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December 242012
Euro Higher as Concerns about Debt Crisis Fade
Concerns that the debt crisis will destroy the euro are fading, and that is helping the euro against other majors today. The 17-nation currency is getting quite a lot of help as news out of other economies helps the euro look good by comparison. Once again, in the United States, the fiscal cliff is the focus of all the worry. This is in contrast to the fact that, in the eurozone, worries about the debt crisis are fading. […]
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December 242012
Ringgit Retreats as US Fiscal Cliff Spooks Investors
The Malaysian ringgit fell today as fears of the fiscal cliff in the United States and its impact on the US and global economies deterred investors from buying riskier assets. Forex market participants did not like how the negotiations among US politicians were proceeding and preferred not to risk amid the atmosphere of uncertainty. Domestic fundamentals were not supportive for the ringgit either as exports declined for the third month in October. As a bit of positive news, the government […]
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December 242012
Yuan Falls as PBoC Lowers Fixing
The Chinese yuan fell against the US dollar today as the nation’s central bank lowered its reference rate and on the general risk aversion sentiment among Forex traders. The People’s Bank of China set the daily fixing by 0.05 percent to 6.2913 per dollar today, the lowest level since December 14. The Forex market turned to the risk-off mode after the Republican House canceled vote on Speaker John Boehnerâs “plan B” last week. […]
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