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Day: March 4, 2013
March 42013
Yen Resilient Even as Kuroda Speaks About More Interventions
The Japanese yen showed resilience even as Haruhiko Kuroda said that the nation’s central bank should take more aggressive actions to spur economic growth and weaken the currency. Kuroda, the President of the Asian Development Bank and the next Bank of Japan head, was speaking today to the parliament in Tokyo. He pledged to “do whatever we can do” to deal with deflation and fuel growth. Kuroda also said that the BoJ should be […]
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March 42013
Another Bad Week for Euro?
The euro was no feeling well recently. The Forex market was in a risk aversion mode, driving traders away from the currency. What this week holds for the euro? In fact, market analysts think nothing good. The major event for the shared 17-nation currency this week is the meeting of the European Central Bank. The bank is not expected to change its monetary policy, so traders’ attention will be focused on the press-conference […]
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March 42013
Sterling Moves into Recovery Mode, But How Long Will It Last?
Sterling is attempting to regain some of its lost ground today. At the end of last week, the UK pound sustained significant losses as weak PMI data highlighted the continuing problems the United Kingdom is having with economic recovery. Today, the UK pound is making some inroads against the euro and the US dollar, but there is a chance that the recovery attempt won’t last too long. Evidence that stimulus […]
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March 42013
Australian Dollar Suffers Both from Domestic & Overseas Reports
The Australian dollar weakened today after a report showed that building approvals unexpectedly fell in January. Macroeconomic data from China was also not supportive for the currency. Australian building approvals fell 2.4 percent on a seasonally adjusted basis in January. Analysts have hoped for an increase by 2.8 percent. Market participants are focusing on tomorrow’s Reserve Bank of Australia rate decision. They do not expect the bank to slash rates, […]
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March 42013
ECB Rate Cut Expectations Weigh on Euro
Once again, the eurozone outlook is in question. Concerns about global economic growth, as well as worries about what’s next for Italy and the rest of the eurozone, have some speculating that the European Central Bank will cut interest rates. Even at the height of the global financial crisis and subsequent recession, the ECB proved itself reluctant to cut interest rates, moving very deliberately. Now, though, there is speculation that the ECB will […]
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March 42013
HUF Drops as MNB Plans Expanding Foreign-Exchange Reserves
The Hungarian forint dropped today on signs that the nation’s central bank will expand its foreign-currency reserves as a way to boost the economy. Gyorgy Matolcsy, the former Minister of Economy, was appointed as the new President of the Magyar Nemzeti Bank and is planning to consolidate power in his hands. Mihaly Varga, the new economy minister, said that Matolcsy is going to expand foreign-currency reserves as a way to encourage foreign borrowers and thus help the nation’s […]
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March 42013
Indonesian Rupiah Falls on Concerns About Excessive Inflation
The Indonesian rupiah fell today after data showed that inflation accelerated more than was expected by analysts, threatening the nation’s economy. Indonesian consumer prices jumped 5.31 percent in February, according to the government data. Analysts’ projections have pointed at 4.81 percent as a likely figure. Excessive inflation is dangerous to an economy as it erodes purchasing power of consumers. Yet economists think that the Bank Indonesia will not change […]
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