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Day: February 8, 2013
February 82013
Loonie Weakened by Falling Employment
The Canadian dollar slid today after a report showed that employment fell in Canada last month, adding to concerns about slowing economic growth in the country. The currency fell even as other macroeconomic data was rather positive. Canadian employment fell 21,900 in December, being much worse even than the pessimistic forecast that has promised growth by 4,500. At the same time, the number of people looking for work declined, pushing the unemployment […]
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February 82013
Taro Aso’s Remarks Help Strengthen the Japanese Yen
Japanese yen is heading higher today, thanks in large part to comments made by Japan’s finance minister. The idea that the yen has depreciated too far has many ready to buy on the hopes that the government won’t be stepping in to weaken the yen in the near future. Japanese finance minister Taro Aso said that the yen’s rapid depreciation in recent months was more than the government expected. The yen dropped dramatically […]
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February 82013
US Dollar Mixed Even as Risk Appetite Makes an Appearance
US dollar is mixed today, even as a measure of risk appetite returns to the markets, with equities moving higher and indicating an interest in riskier assets. Concerns about the economy remain, though, and there is plenty of pause to provide a mixed performance for the greenback. Even though the US dollar is mixed in its performance against other currencies, the dollar index is lower today. Optimism about the eurozone is helping the risk situation, […]
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February 82013
AUD/USD Falls on RBA Forecast, AUD/JPY Gains
The Australian dollar fell against the Japanese yen today after the Reserve Bank of Australia reduced its inflation and growth forecasts. The currency gained versus its US counterpart. The RBA predicted that Australian economic growth will be “below trend” near 2.5 percent in 2013, down from the previous projection of 2.75 percent. Consumer price inflation is expected to reach 3 percent by June 2013, while price growth […]
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February 82013
GBP/USD Rallies for Second Day, GBP/JPY Erases Gains
The Great Britain pound extended its rally versus the US dollar for the second day today, but erased yesterday’s gains against the Japanese yen. Yesterday, the Bank of England released its monetary policy statement, showing that the policy remained unchanged. The BoE left the main interest rate at 0.5 percent and the asset purchase program at £375 billion. Mark Carney, the current Bank of Canada Governor and the next head of BoE, testified to the parliament […]
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February 82013
EUR/USD Down on Draghi’s Comments
EUR/USD slipped as European Central Bank President Mario Draghi said that the recent sharp rally of the euro may hurt the eurozone economy. The ECB left its monetary policy unchanged yesterday, making no surprise for the Forex market. But the comments of Draghi worried traders, especially after his previous optimistic promises of economic recovery. Initial jobless claims fell from 371k to 366k last week. The median forecast was […]
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February 82013
EUR/USD Extends Drop as Market Digest Draghi’s Comments
EUR/USD extended its drop today, but its size was nowhere near the yesterday’s sharp decline. The market is still digesting comments of European Central Bank President Mario Draghi, who said that the strong currency hurts the European economy. Today’s news from the United States was good as the deficit of the trade balance shrank more than was expected. US trade balance deficit narrowed to $38.5 billion […]
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