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Day: February 21, 2013
February 212013
FX Market Returns to Risk-Off Mode, CAD Weakened
The Canadian dollar fell today against its US peer and the Japanese yen as risk appetite came off the markets and crude oil, as well as other commodities, declined. The currency gained on the euro. April futures for crude, the major Canada’s export, slipped to $92.63 per barrel in New York, the lowest price since January 7. The Standard & Poorâs 500 Index went down 0.9 percent. The S&P GSCI Index of 24 commodities […]
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February 212013
Brazilian Real Suffer from Worries About Global Growth
The Brazilian real dropped as worries about the global growth reduced chances that the nation’s central bank will perform an interest rate hike. Analysts estimated that the Brazilian economy grew just 1 percent in the last year. The Central Bank of Brazil slashed interest rates to the record low of 7.25 percent to stimulate growth. The bank is not likely to change the policy as macroeconomic indicators from various countries across the world, including […]
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February 212013
US Dollar Index Hits Three-Month High on Risk Aversion
The US dollar index reached a three-month high during the session today, thanks in large part to risk aversion. However, the latest minutes from the recent Federal Reserve meeting are also helping the greenback. Risk aversion is one of the stories today, thanks in large part to the latest economic data out of the eurozone. Also not helping the risk situation is the fact that unemployment claims in the United States rose again. With […]
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February 212013
Risk Aversion Causes Decline of Stocks & Commodities, Aussie Follows
The Australian dollar fell against the Japanese yen and touched the lowest level since October versus the US dollar today as Asian stocks declined. The Aussie rebounded versus the greenback but stayed weak against the Japanese currency. The MSCI Asia Pacific Index of equities dropped as much 1.6 percent. The Standard & Poorâs GSCI Spot Index of commodities fell 1.1 percent, reducing the appeal of commodity currencies, including AUD. The Forex market […]
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February 212013
Euro Drops as Recession Fears Resurface
Euro is heading lower today, dropping on worries that the eurozone recession might not be coming to an end. Thanks to the latest manufacturing survey, concerns about the economic state of the 17-nation currency region are on the rise. It’s not helping that uncertainty is emerging in other areas as well. Even though many of the fears regarding the eurozone have been assuaged with the idea that the worst is over, there are […]
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February 212013
US Data Does Not Support EUR/USD
EUR/USD extended its decline for the second day today as most of the US macroeconomic data was worse than expected. The exception was the existing homes sales, which were a bit higher than forecasts, and the leading index. Traders interpreted the words in yesterday’s FOMC minutes about varying pace of asset purchases as a sign that some policy makers want to reduce stimulus. Such view supported the dollar. Initial jobless claims rose […]
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February 212013
Pound Maintains Losses After BoE Minutes
The Great Britain pound dropped after yesterday’s release of the Bank of England’s minutes and extended the decline today. The minutes suggested that some policy makers want more monetary stimulus. Governor Mervyn King and Paul Fisher joined David Miles in voting in favor of increasing the asset purchase program by £25 billion to £400 billion. Other members of the Monetary Policy Committee outvoted them though. Still, the growing number of central bankers preferring […]
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