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Day: March 6, 2013
March 62013
Zloty Drops as Central Bank Cuts Rates More than Expected
The Polish zloty dropped today as the Polish central bank cut interest rate more than was expected, reducing attractiveness of the currency. Yet not all specialists were bearish on the zloty. The National Bank of Poland cut its benchmark interest rate by 50 basis points to 3.25 percent. The bank voiced concern about “a marked economic slowdown” in the fourth quarter of 2012 and said: Economic activity may gradually improve in the coming quarters. […]
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March 62013
USD/CAD Jumps After BoC Meeting
The Canadian dollar dropped sharply against its US counterpart today after the Bank of Canada left interest rates unchanged, signaling that the accommodative policy will persist for some time. The BoC kept its key interest rate at 1 percent today. Bank’s Governor Mark Carney voiced belief that growth of the Canadian economy will accelerate this year. At the same time, he said that consumer inflation “has […]
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March 62013
US Dollar Index Heads Higher Today
US dollar index is heading higher today, gaining ground as a bit of uncertainty sets in ahead of central bank announcements out of the eurozone and the United Kingdom. European currencies are casualties against the greenback today as speculation about what’s next permeates the markets. Even though risk assets — stocks — are gaining ground today, high beta currencies are faltering. The US dollar index is gaining ground today, thanks […]
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March 62013
Euro Struggles Below 1.30 Against US Dollar
Euro continues to struggle, dropping below the 1.30 level against the US dollar today. Concerns about what might be coming are weighing on the 17-nation currency, causing it to lag behind some of its high beta peers. The European Central Bank is expected to make a policy announcement tomorrow regarding interest rates. Many expect the ECB to keep the benchmark steady, but there is speculation about the future. Forex […]
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March 62013
Growing Australian Economy Makes AUD More Appealing
Australia’s economy demonstrated stable growth last quarter and this increased the appeal of the nation’s currency. It is not a surprise that the Australian dollar rose today, considering the positive domestic data. Australian gross domestic product expanded 0.6 percent in the fourth quarter of 2012, matching forecasts. The third quarter growth was revised upwardly from 0.5 percent to 0.7 percent. The Reserve Bank of Australia has kept interest rates […]
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March 62013
Signs of Economic Growth Make Traders Part with Franc
The Swiss franc declined today, further moving away from the cap of 1.20 francs per euro, set by Swiss National Bank. Demand for the currency as a safe haven was limited among signs of economic growth in the United States. Yesterday’s data spurred risk appetite on the Forex market, trimming demand for safe currencies. Traders remained optimistic today as they expect more positive reports, including non-farm payrolls, which rose 161,000 […]
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March 62013
EUR/USD Falls as Eurozone Economy Remains in Recession
The market sentiment was supportive for risky currencies today, but it did not help the euro that fell ahead of tomorrow’s European Central Bank meeting. It is not likely that the bank will change its monetary policy tomorrow, but market participants think that ECB President Mario Draghi may signal about cutting interest rates later this year. The eurozone economy contracted 0.6% […]
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March 62013
Positive Data from USA Boosts Appeal of Indian Rupee
The Indian rupee gained today as signs of stable economic growth in the United States made Forex traders more willing to risk and propped up demand for currencies with higher yield. The US non-manufacturing Purchasing Managers’ Index rose from 55.2 percent in January to 56.0 percent in February. Analysts have thought that the index would fall a little to 55.0 percent. Other important reports will be released this week, including […]
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March 62013
Chilean Peso Higher as Economic Activity Beats Forecasts
The Chilean peso advanced on speculations that monetary stimulus in Europe will bolster economic growth of the South American nation, which continues to beat analysts’ forecasts. IMACEC, the central bank’s index of economic activity, grew 6.7 percent in January from a year ago, more than specialists have anticipated. The increase followed the December’s growth by 6.5 percent. Copper rallied 0.5 percent to $3.5175 per in New York yesterday. The metal makes […]
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