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Day: January 31, 2013
January 312013
AUD/JPY at Record Since 2008 Despite Contraction of Manufacturing
Australian manufacturing contracted in January, indicating that the nation’s economy remains weak and putting pressure on the Australian dollar. Yet the currency remained little changed today, trading at the highest level since 2008 against the Japanese yen. The manufacturing index of Australian Industry Group was at 40.2 in January, falling from 44.3 in the prior month. A reading below 50.0 means decline of the sector. The indices for services and construction also showed contraction. Domestic fundamentals […]
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January 312013
Dollar Mixed amid Confusing Fundamentals
The US dollar was flat against the euro, fell against the Great Britain pound and rose versus the Japanese yen today. Market analysts believe that the Federal Reserve will continue to extend its accommodative policy as long as unemployment remains high. Such outlook is bearish for the US currency. The Fed concluded its policy meeting yesterday. The central bank did not change its monetary policy, but said that […]
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January 312013
Loonie Gets Boost from Better than Expected Economic Data
Canadian dollar is getting a little bit of a boost today, thanks to the latest economic news. Loonie is trading slightly higher against the US dollar, and finding success against some of the other major currencies as well. November’s GDP reading from Statistics Canada showed an increase of 0.3 per cent, beating the forecast 0.2 per cent. Looking at the year over year gain, it appears that Canada’s economy is […]
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January 312013
Euro Mixed Against Other Majors
Euro is mixed against other major currencies today, thanks to a mixed bag of data. Even though the euro is off its recent highs against the US dollar, though, it is still turning in a strong performance against the greenback. December retail sales out of Germany showed a disappointing performance, even though the strong jobs data out of the eurozone’s largest economy has helped offset that news. Also […]
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January 312013
NZ Dollar Rises on China’s Growth & RBNZ Statement
The New Zealand dollar rose today on hopes for economic growth in China and after the Reserve Bank of New Zealand left its key Official Cash Rate unchanged and issued rather positive statement. The RBNZ left its benchmark interest rate unchanged at 2.5 percent yesterday. The accompanying statement was optimistic, saying that “global growth is set to recover in 2013” and that domestic data “suggest GDP growth is recovering […]
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January 312013
Sterling Rises with Consumer Confidence & House Prices
The Great Britain pound advanced today, rising for the third straight session against the US dollar, as consumer confidence improved and growth of house prices beat forecast in the United Kingdom this month. The GfK consumer confidence rose from -29 in December to -26 in January. The report noted that “thereâs a definite note of optimism in these findings”, but “peopleâs views of their own financial situation arenât as optimistic”. The Nationwide House Price Index […]
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January 312013
EUR/USD Maintains Gains
EUR/USD was falling today following yesterday’s gains, but has recovered as of now. The poor German retail sales put pressure on the currency pair to the downside (event A on the chart), but better-than-expected fundamental reports from the United States rescued risk appetite and allowed the euro to gain on the dollar. Currently, the currency pair remains near its opening level. Yesterday, the Federal Reserve policy meeting did not provide many surprises. The contraction […]
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