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Day: February 27, 2013
February 272013
US Dollar Weakens as Optimism Helps Risk Appetite
US dollar is weakening today as optimism makes an appearance on the markets, and risk appetite improves. However, even though greenback is mostly down against other majors, it is holding ground against commodity currencies, which continue to drag on gold’s lackluster performance. Greenback is heading a little lower against its European counterparts as better news helps risk appetite a little bit. Solid demand for Italian bonds […]
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February 272013
Euro Higher Now, But is the Currency Still Vulnerable?
Euro has recovered some of its earlier losses against the US dollar, but the 17-nation currency remains vulnerable to the UK pound and the Japanese yen. Even though the latest fears about Italy have been assuaged slightly, there are still concerns about the eurozone’s economic vulnerability, as well as the health of countries in the periphery. In spite of concerns about what’s next for Italy’s government, demand for bonds was strong at a recent auction. However, […]
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February 272013
Yuan Fluctuates as Bernanke Reduces Fear
The Chinese yuan advanced today as yesterday’s comments of Federal Reserve Chairman Ben Bernanke reduced fear among Forex traders, increasing demand for currencies with higher yield. Bernanke said yesterday that the benefit of accommodative measures outweigh potential risks. Previously, market participants were worried that the Fed may drop stimulus. It is very likely that absence of monetary easing would be disastrous for the US economy […]
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February 272013
Pound Mixed as GDP Matches Forecasts
The Great Britain pound demonstrated mixed performance today as UK GDP matched analysts’ forecast, falling quarter-on-quarter, but growing on an annual basis. UK gross domestic product fell 0.3 percent in the fourth quarter of 2012, according to the second estimate. The figure matched the first estimate and analysts’ expectation. The economy grew 0.3 percent from a year ago. GBP/USD rose a little from 1.5131 to 1.5126 as of 11:07 GMT today. At the same time, […]
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February 272013
EUR/USD Gains After Italian Debt Auction & Bernanke’s Testimony
EUR/USD advanced today as Italy reached the maximum target at its debt auction, suggesting that the inconclusive election was not completely disastrous for the country. Federal Reserve Chairman Ben Bernanke testified yesterday and today, saying that quantitative easing does more good than harm and should be maintained. Such comments added to risk appetite of Forex traders. As for the US economic data, the housing market continued to show remarkable performance, […]
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February 272013
Dollar Flat After Italian Election, Bernanke’s Testimony
The US dollar traded sideways today as risk aversion caused by the Italian election was trimmed by positive US macroeconomic data and comments of Federal Reserve Chairman Ben Bernanke, who defended the monetary stimulus. Forex market participants were worrying after the last week’s Fed’s minutes that the central bank will drop the stimulus program. Bernanke eased such worries yesterday, saying: We do not see the potential costs […]
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February 272013
AUD & NZD Weak amid Risk Aversion Caused by Italian Election
The Australian dollar extended the decline against its US peer as the indecisive outcome of the Italian election fueled the risk aversion sentiment among Forex traders. The New Zealand dollar paused its drop, but remained weak as the nation’s trade balance posted an unexpected deficit. No party had clear victory in the Italian election, which ended on February 25. This essentially created a hung parliament. Traders perceived it as one of the worst […]
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