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Day: January 21, 2013
January 212013
Mexican Peso Drops on Fears of Lower Interest Rates
The Mexican peso dropped today as Forex market participants were worried that the central bank will lower interest rates in the near future, supporting the economy, but weakening the currency at the same time. The Banco de Mexico left its main interest rate at 4.5 percent on January 18. Yet the bank said in the accompanying statement that lower interest rates may be prudent, indicating a “downward trend in general and core inflation” […]
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January 212013
Australian Dollar Flat, Decline is Possible
The Australian dollar was little changed today as the trading session was quiet while US markets were closed for a holiday. The currency was soft against the Japanese yen, which was especially strong today. The Aussie held its ground today, but may fall later as traders anticipated bad fundamental data. Tomorrow’s report is expected to show slowdown of inflation from 1.4 percent in the third quarter of 2012 to 0.4 […]
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January 212013
What Would the Euro Look Like without Angela Merkel?
Many recognize that German Chancellor Angela Merkel has been a strong leader for the eurozone, and key to many of the negotiations related to keeping the euro together during the recent sovereign debt crisis. So, what would happen if Merkel was no longer the German Chancellor? While Angela Merkel is fairly popular in general, her ruling coalition might not be. This past weekend, her coalition suffered a defeat […]
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January 212013
US Dollar Mostly Lower in Rangebound Trading
US dollar is mostly lower today as rangebound trading is the norm. With US markets closed for a holiday, volume is rather low, and currencies are trading rangebound in the FX market. Even though the US dollar is mostly lower, and the dollar index is lower today, there isn’t much action. Greenback is lower, but not by much. Most of the major currency pairs are rangebound as US markets […]
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January 212013
Yen Advances as BoJ Starts Meeting
The Japanese yen advanced against other majors today even as the Bank of Japan has started its two-day policy meeting, which is likely to result in additional monetary easing. The BoJ will likely yield to the demands of the new government that wants more aggressive actions for supporting the economy and weakening the currency. The yen did not pay heed to the expectations of quantitative easing, which usually is negative for currencies. Perhaps it is […]
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January 212013
GBP/USD Rises from Lowest Since November, GBP/JPY Drops
The Great Britain pound rose against the US dollar today for the first time in seven sessions as house prices advanced this month. The currency extended its drop versus the Japanese yen for the second day. The Rightmove House Price Index increased 0.2 percent in January following the 3.3 percent drop in December. The report said that confidence of market participants improved. That allowed the sterling to rise from the lowest level since November […]
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