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Day: February 20, 2013
February 202013
Economic Concerns Continue to Weigh on Loonie
Canadian dollar is at its lowest level in nearly seven months against the US dollar as economic concerns continue to weigh. Oil prices are fluctuating and it looks as though retail sales will show a decline when the data is released on Friday. Retail sales data is expected to be released on Friday the 22, and there are concerns that the report will show a decline. This is not the only problem […]
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February 202013
US Dollar Gains Ground
US dollar is gaining ground today as a mixture of economic data and risk aversion send Forex traders toward the the greenback. Concerns about what will happen if Silvio Berlusconi in Italy, as well as a dramatic drop by gold, are also contributing to a stronger dollar. With PPI on the rise in the United States, the greenback is finding some support, thanks to concerns about inflation. However, there is greater focus on the items contributing […]
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February 202013
Chinese Yuan Stronger as PBoC Boosts Daily Fixing
The Chinese central bank set the reference rate for the yuan higher today, leading to gains of the currency. The bank allowed the currency to gain on optimistic outlook for the global economy. The Peopleâs Bank of China increased the daily yuan fixing by 0.03 percent to 6.2804 per dollar. The bank was able to raise the rate after yesterday’s positive data about the German economic sentiment improved prospects for the global economy. The Chinese economy is still largely export-oriented, […]
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February 202013
Wheeler Hints on Intervention, Pushing NZ Dollar Down
The New Zealand dollar dipped today as the central bank’s Governor hinted that he is ready to intervene and prevent excessive gains of the currency. Reserve Bank of New Zealand Governor Graeme Wheeler said: When the New Zealand dollar is coming under upward pressure, we want investors to know that the kiwi is not a one- way bet. At the same time, Wheeler noted that a large-scale intervention is not […]
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February 202013
Dollar Jumps After FOMC Minutes
EUR/USD sank today after the minutes of the last Federal Reserve’s policy meeting were released. The minutes did not show anything new, but the currency pair extended its decline, which it was experiencing during today’s trading session. Other news from the United States was largely neutral and unlikely to affect the currencies in any noticeable manner. PPI rose 0.2% in January on a seasonally adjusted basis. The increase was […]
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February 202013
Canadian Dollar Falls as Threat of Fiscal Cliff Resurfaces
The Canadian dollar fell yesterday and maintained its losses today as the threat of the fiscal cliff resurfaced in the news headlines, making investors avoid riskier assets in favor of safer ones. The fiscal cliff in the United States, the major trading partner of Canada, was postponed, but not averted altogether. Now, market participants are worried yet again about the automatic budget cuts, also known as budget sequestration. The vast majority of specialists think […]
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