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Day: January 2, 2013
January 22013
CAD Surges as Euphoria Kicks In
The Canadian dollar exploded to the upside today amid euphoria that struck the Forex market after US politicians reached an agreement that will help to avoid a financial crisis in the United States. Vice President Joe Biden and Senate Minority Leader Mitch McConnell devised a deal that will avert the $600 billion spending cuts and tax increases. After a long time of uncertainty and fear, markets celebrated the news. Crude oil, the major […]
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January 22013
Improved UK Data Boosts Pound against the Dollar
UK pound is making a fairly strong showing today, particularly against the US dollar, as better than expected economic data helps the sterling. The latest UK manufacturing PMI data shows an improvement to 51.4. This beats any forecast, and is providing the basis for a bit of a rally for the pound against the US dollar. Also helping the sterling on the Forex market is the fact that risk appetite has made an appearance. Half of a fiscal […]
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January 22013
Relief Over Fiscal Cliff Outweighs Disappointing Eurozone Data
Euro is higher today, gaining as risk appetite returns to the market and prompts a preference for high beta currencies. Even though the eurozone economy seems to be shrinking, all of the focus is on the relief over a fiscal cliff deal in the United States. The latest manufacturing data out of the eurozone indicates that contraction is still an issue. Markit points out that the manufacturing purchasing managers index moved down to 46.1 in December from […]
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January 22013
Yen Joins Dollar in Rally to Downside
The Japanese yen joined the US dollar in the decline today as US politicians managed to avert the financial cliff in the United States and traders were selling safe assets amid the resulting risk appetite. Safe currencies, namely the dollar and the yen, were very weak today amid celebration of what looks like the end of the yearlong worries about the potential financial disaster in the United States. The Japanese currency was falling even versus the greenback as the probability […]
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January 22013
Dollar Slumps as Fiscal Cliff Averted
The US dollar sank today after the breakthrough in the negotiations about avoiding the fiscal cliff in the United States, which will allow averting a disaster for the US economy. US politicians voted for the bill that will allow preventing the automatic tax increases and spending cuts. It is left for President Barack Obama to give a final approval for the deal and he is likely to do so as he has previously said that “while neither […]
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January 22013
Fiscal Cliff Averted, EUR/USD Jumps
EUR/USD jumped today, following the two-session decline, as US politicians worked out a bill that allows avoiding the so-calledfiscal cliff. The news boosted almost all currencies, except for safer ones like the US dollar and the Japanese yen. As for US fundamentals, it looks like the manufacturing sector emerged from the brief contraction period, while construction spending unexpectedly declined. ISM manufacturing PMI rose from 49.5% in November to 50.7% in December, […]
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