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Day: February 13, 2013
February 132013
Euro Holds Its Own after Industrial Production Numbers
Indications that the worst really is over for the eurozone continue to roll in, despite worries about Spain and Italy. The latest industrial production data supports the idea that the eurozone economy is strengthening, albeit modestly. The latest industrial production numbers are in, and there has been an increase of 0.7 per cent in December. Eurostat reports that industrial production picked up in the eurozone, led by Germany. The December figure is […]
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February 132013
Swedish Krona Rises as Riksbank Does Not Join Currency War
The Swedish krona climbed today as the central bank left interest rates unchanged, refraining from easing the monetary policy to subdue the currency’s strength. The krona appreciated after the bank did not give hints that it is going to join the currency war. The Riksbank kept its main interest rate at 1 percent today. The decision was not unexpected, but market participants were a bit surprised that the statement did […]
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February 132013
US Dollar Index Falls as Greenback Performs Mixed
US dollar index is dropping today, but the greenback performance overall is mixed as Forex traders look for direction, and try to figure out what, exactly, the G-7 countries feel about the recent sharp fall by the Japanese yen. While the dollar index is lower today, the greenback is mixed against its major counterparts. As has been usual lately, the greenback is down against the euro. However, following yesterday’s […]
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February 132013
Aussie Invigorated by Improving Consumer Confidence
The Australian dollar advanced today as consumer sentiment improved this month, reducing incentive for the central bank to lower its interest rates. The Westpac Melbourne Institute Index of Consumer Sentiment rose 7.7 percent in February. The rise followed the 0.6 percent increase in January. Investors trimmed their bets on an interest rate cut at the next meeting of the Reserve Bank of Australia. It is still likely that the central bank will slash rates, […]
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February 132013
Portugal’s Record Unemployment Hurts Euro’s Rally
EUR/USD was rallying today, but erased gains as Portugal’s unemployment reached the highest level in a history after an introduction of the euro. Today’s data from the United States was not very impressive, but at least it was on a positive side. Yesterday’s federal budget balance made a nice surprise, demonstrating an unexpected surplus. Retail sales grew 0.1% in January, matching forecasts exactly. The rate of growth was noticeably slower than […]
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February 132013
Yen Pauses Downfall as G7 Has Mixed Views on Currency’s Weakness
The Japanese yen rose today as the members of the Group of Seven had conflicting views on the efforts of the Japanese government to cub the gains of currency, leading to the view that the yen will pause its downfall. Forex market participants were worried ahead of the G7 meeting if Japan will be labeled as a currency manipulator. According to some unnamed officials, the yen was indeed discussed during the meeting. The Group released statement, saying: We reaffirm […]
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