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Day: March 8, 2013
March 82013
AUD/USD Falls on Chinese Trade Balance, AUD/JPY Extends Rally
The Australian dollar fell against its US counterpart today after the Chinese trade balance demonstrated an unexpected surplus. The currency extended its rally versus the Japanese yen. China’s trade surplus had a negative impact on the Aussie. The surplus was caused not just by rising exports, but also by the bigger-than-expected decline of imports. It was bad for Australia as most of nation’s goods are sold to the Asian country. AUD/USD fell from […]
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March 82013
European Realities Keep the Euro Down Today
The realities of what’s happening in the Europe are weighing on the euro today, and even better news out of the United States can’t boost risk appetite enough to help. Mario Draghi’s remarks during yesterday’s ECB policy announcement were less than inspiring, and the latest news on the US economy only serves to highlight differences. The latest US nonfarm payrolls report has been released, and the news is generally good. In February, the US economy […]
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March 82013
Japanese Yen Heads Lower as Forex Traders Consider New BOJ Head
Yesterday, the Bank of Japan reached a decision to keep its monetary policy steady, and even rejected the idea of increasing monetary stimulus. However, the yen is still down across the board as Forex traders contemplate the end of Shirakawa’s time as head of the BOJ. The Bank of Japan decided against dramatic changes to monetary policy yesterday, but many Forex traders think that there is more yen weakness on the way. The new head of the BOJ […]
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March 82013
Unexpected Chinese Trade Surplus Makes Yuan Stronger
The Chinese yuan appreciated today as the nation’s trade balance posted an unexpected surplus, improving the market sentiment and increasing the appeal of China’s assets. According to the Customs General Administration of China, China’s trade balance posted a surplus of $15.3 billion in February after demonstrating a surplus of $29.2 billion in the previous month. Traders counted on a deficit of $8.8 billion. It was a nice surprise and the yuan reacted positively to the news. USD/CNY fell 0.06 percent to 6.2163 […]
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March 82013
EUR/USD Pares Gains on US Jobs Data
EUR/USD pared yesterday’s gains today after the US employment data came out much better than was expected. The US economy looks good, while the future of the European one still looks uncertain. Yesterday’s comments from the European Central Bank alleviated concerns only in a very short term and today traders again avoid the euro. Nonfarm payrolls climbed 236k in February, beating forecasts of 162k by a large margin. The January […]
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March 82013
Dollar Loses to Euro, Jumps to Highest Since 2009 vs. Yen
The US dollar fell sharply against the euro yesterday and stayed little changed today. The US currency was flat versus the Great Britain pound, while against the Japanese yen it reached the highest level since August 2009. The euro was strong against most currencies after European Central Bank President Mario Draghi said in the statement after the policy meeting: As regards 2013, recent data and indicators suggest that […]
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March 82013
Improving Canadian Trade Balance Makes Loonie Stronger
The Canadian dollar jumped against its US peer yesterday, but backed off a little today. The currency maintained its gains versus the Japanese yen. The euro was too strong after the European Central Bank policy meeting and the loonie could not compete with the shared European currency. The Canadian trade balance deficit narrowed from C$332 million in December to C$237 million in January. Market participants have feared that […]
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