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Day: January 22, 2013
January 222013
Japan’s Monetary Policy Drives Rand Higher
The South African rand appreciated today after the Bank of Japan spurred risk appetite on the Forex market by boosting its stimulating measures in order to help the economy. The quantitative easing program of Japan’s central bank boosted stocks and commodities, increasing the appeal of South Africa’s currency. The Standard & Poorâs GSCI index climbed 0.6 percent today. The Johannesburg Stock Exchange reported that overseas investors bought 2.8 billion rand ($317 […]
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January 222013
Dollar Erases Losses vs. Euro, Remains Soft vs. Other Majors
The US dollar erased its earlier losses versus the euro today as the fundamental data from the United States was not very encouraging. The greenback was weaker against other most-traded currencies as Japan’s quantitative easing sparked hope for global economic growth. The Richmond Manufacturing Index slumped from 5 in December to -12 in January, while analysts have promised the index would stay little changed. Last week, the preliminary report […]
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January 222013
Euro Mixed in Forex Trading Today
Euro is mixed in forex trading today, following the latest Bank of Japan announcement, as well as the latest Spanish bond offering and the expectations that Germany and France will announce joint proposals for euro reform by May. Currencies seem to be looking for direction today, as a dearth of economic data forces traders to focus on other matters. Spain’s latest bond offering shows yields holding steady, which is an encouraging sign. Additionally, Forex […]
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January 222013
Canadian Dollar Struggles after Latest Economic Data
Canadian dollar is struggling today, thanks to the latest economic data. November retail sales were disappointing. Additionally, it’s not helping that oil prices can’t seem to find some solid support. Risk appetite is in short supply today, as currency traders look to profit taking following the Bank of Japan announcement that it would put off open-ended asset purchases until 2014. This sentiment is […]
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January 222013
NZD/USD Goes Up, NZD/JPY Drops After BoJ Policy Meeting
The New Zealand rose against its US peer after the Bank of Japan expanded the monetary stimulus, improving prospects for global growth. The kiwi erased the earlier gains against the Japanese yen. Japan’s central bank concluded its two-day policy meeting today. The BoJ made the asset purchase program open-ended and increased its inflation target. The stimulating measures inspired hope that economic growth will pick up and that increased […]
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January 222013
Yen Rallies Even as BoJ Introduces Open-Ended QE Program
The Japanese yen extended its rally today, rising for the third straight session against the euro and the Great Britain pound, even after the Bank of Japan introduced new measures to boost economic growth. The BoJ issued the joint statement together with the government, saying that the central bank will coordinate its efforts with lawmakers to achieve sustainable economic growth. As was expected, the BoJ set the inflation target to 2 percent. Moreover, […]
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January 222013
EUR/USD Erases Gains Even amid Favorable Fundamentals
EUR/USD was volatile today as it dropped sharply, quickly bounced after that, yet fell below the opening level later. Fundamental news was positive for the euro as German economic sentiment improved much more than was expected and Greece received another tranche of the bailout. But that did not help the currency. The data from the United States was less favorable as reports came out worse than market […]
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