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Day: January 30, 2013
January 302013
US Dollar Weakens on Disappointing Economic Data
US dollar is struggling today, particularly against the euro, as the US economy is compared with the eurozone economy. Disappointing economic news is weighing on the greenback. Expectations had been for modest growth in the fourth quarter of 2012. However, when the numbers were reported, US GDP was shown to have declined by 0.1 per cent in the last quarter of 2012. As a result, concerns about the US economy have been renewed. The US […]
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January 302013
Weakness Continues for the Japanese Yen
Weakness continues for the Japanese yen, as the currency heads lower based on the expectation that future economic policy will continue to encourage weakness in the yen. With the election of Prime Minister Shinzo Abe, economic policy has been changing dramatically. The Bank of Japan will begin buying 13 trillion yen in long-term securities each month. Additionally, Abe effectively ended the BOJ’s independence, putting monetary policy in the hands of the Council on Economic and Fiscal […]
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January 302013
RBI Attempts to Bolster Economy, Rupee Gains
The Indian rupee advanced today on hopes for increasing foreign capital inflows as the nation’s central bank is attempting to bolster the country’s economic growth. The Reserve Bank of India cut its key interest rate from 8 percent to 7.75 percent yesterday. The bank said in the statement that inflation had likely peaked and would be range-bound in the future. That allows India’s central bank to take additional stimulating measures. For now, the country’s […]
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January 302013
EUR Highest Since 2010 vs. JPY as Economic Confidence Improves
The euro rose today, reaching the highest level since November 2011 against the US dollar and the highest since April 2010 versus the Japanese yen, after a report showed improvement of the European economic confidence. The European Commission reported that the Economic Sentiment Indicator for the eurozone rose from 87.8 in December to 89.2 in January. The actual value beat the forecast 88.2. The index advanced for the third straight month, but remained well below the long-term […]
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