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Day: January 25, 2013
January 252013
Yen Tumbles amid Persistent Deflation
The Japanese yen extended its tumble today, reaching the lowest level since June 2010 against the US dollar and the lowest since April 2011 versus the euro, as persistent deflation spurred talks that policy makers have no other choice than to continue introducing monetary easing measures, weakening the currency. The Japanese core Consumer Price Index fell 0.2 percent year-on-year in December. The Tokyo core CPI declined 0.5 percent […]
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January 252013
AUD Gains on JPY, Drops vs. USD & EUR
The Australian dollar rose against the Japanese yen today as Japan showed willingness to continue pushing its currency down. At the same time, the Aussie fell against the US dollar and the euro on concerns that the Australian central bank will cut interest rates. Deflation in Japan intensified and that will likely lead to increasing political pressure on the Bank of Japan to weaken the yen. The likelihood of an intervention allowed the Australian currency to gain on the Japanese one. The Aussie […]
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January 252013
Canadian Dollar Falls Back on CPI Report
Canadian dollar is struggling today, even though other high beta currencies are doing well. One of the issues right now is the latest CPI data coming out of Canada. Concerns about the Canadian economy are mounting, and that is weighing on the loonie today. Loonie reached a low not seen for six months against the US dollar earlier today, thanks to the latest CPI report. Canada’s latest inflation […]
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January 252013
Euro Gets Help from Improved Global Economic Outlook
Euro is getting help today from an improved global economic outlook. With the world economy looking a little better, with help from the latest news out of the United States as well as earlier news from China, optimism is driving interest in risk assets like the euro. Earlier in the session, the euro hit an 11-month high against the US dollar as the global economic outlook became the subject of optimism. Signs that the global […]
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January 252013
Pound Drops as UK Economy Contracts
The Great Britain pound fell today, retreating against the US dollar, reaching the lowest level since December 2011 against the euro and trimming its gains versus the Japanese yen after the report showed that the decline of the UK economy last quarter was even bigger than was anticipated by analysts. Britain’s gross domestic product contracted 0.3 percent in the fourth quarter of 2012, while forecasts promised a 0.1 percent decline. […]
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January 252013
Ringgit Falls on Concern over Currency War
The Malaysian ringgit fell along with other Asian currencies today amid worries that the intervention of Japan to weaken the yen will intensify the “currency war” as other nations may also attempt to push their currencies down. Currencies with high yield, including the Asian ones, appreciated sharply against the yen as Japan’s policy makers were pushing the nation’s currency down. That sparked fears that other governments would […]
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