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Day: March 1, 2013
March 12013
Yen Up Against High Beta Currencies
Yen is gaining against high beta currencies today, thanks in large part to concerns about the global economy. A bit of safe haven demand has emerged, and that usually means a higher yen.
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March 12013
US Dollar Gains on Downbeat Data Out of Europe
European data released earlier is disappointing, and concerns about the situation are prompting gains for the US dollar. Even though the US economy is recovering at a sluggish pace, and even though the sequester has hit, the US dollar is still in a stronger position than its European counterparts. Greenback is higher so far on the first day of the budget sequester. For the most part, US dollar is being seen as a safe haven. […]
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March 12013
Rand Drops as South African Trade Deficit Swells
The South African rand declined today as the nation’s trade balance deficit widened more than experts have predicted, driving investors away from South African assets. The South African trade gap swelled to 24.5 billion rand ($2.7 billion) in January from 2.7 billion rand in December. Analysts have anticipated a shortage of 9.7 billion rand. The rand dipped after the report, heading to the biggest weekly drop in five months. […]
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March 12013
GBP/USD Touches Lowest Since July 2010
The Great Britain pound dropped today after a report showed that the manufacturing sector unexpectedly contracted last month. The currency reached the lowest level since July 2010 against the US dollar. The Markit/CIPS UK Manufacturing Purchasing Managers’ Index dropped from 50.5 in January to 47.9 in February, the first reading below the neutral 50.0 level since November. Analysts have predicted that the index would stay little changed. Most […]
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March 12013
EUR/USD Drops as Fundamentals Spark Risk Aversion
EUR/USD fell today amid fears of budget sequestration in the United States. Poor macroeconomic reports from Europe added to risk aversion. As of US reports, they were mixed. Personal income fell 3.6% in January after rising 2.6% in December. The expected decrease was 2.3%. Personal spending rose 0.2%, exactly as forecasters have predicted, following the 0.1% increase in the preceding month. (Event A on the chart.) Michigan Sentiment Index climbed from […]
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March 12013
Aussie Reverses Losses on Speculations RBA Will Hold Rates
The Australian dollar gained today on speculations that the Australian central bank will pause interest rate cuts to gauge the impact of the accommodative monetary policy on the economy. Earlier, the currency was falling amid negative reports from China. Analysts believe that the RBA will not cut interest rates on its next meeting. The central bank left the main rate unchanged during its last meeting and it is likely do […]
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March 12013
Dollar Ends Month as Best Performer
The US dollar fell against some currencies, including the euro and the pound, but rose against others, including the yen, today. The US currency ended the month as the best performer, supported by fears of global economic slowdown. The Dollar Index jumped as much as 3.5 percent in February. The dollar outperformed other assets, especially commodities — the Standard & Poorâs GSCI Index slumped 4.4 percent, posting the biggest drop since May. The greenback remained […]
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