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Day: March 12, 2013
March 122013
S&P Changes Outlook for Mexico to Positive, Benefiting Peso
The Mexican peso gained today after Standard&Poor’s confirmed the country’s credit rating and changed the outlook to positive on hopes for fiscal reforms that should improve the nation’s economy. The S&P confirmed Mexico’s long-term sovereign foreign credit rating at BBB, which is not that good as it is the second-lowest investment grade. Yet the rating agency changed the outlook from stable to positive, giving hope that this may improve in time. […]
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March 122013
USD/CAD Flat, Seeking Direction
The Canadian dollar was flat against its US peer today, erasing the intraday loss. The currency gained versus the euro and fell against the Japanese yen. The loonie (as the Canadian currency is nicknamed for the image of an aquatic bird on the C$1 coin) has moved virtually nowhere against the greenback since the end of February. Against the euro, the Canadian currency was flat since the beginning of the last month. Currencies usually move sharply after a period […]
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March 122013
Bundesbank Predicts More Problems for the Euro
Even though the euro is logging gains against its major counterparts today, the Bundesbank sees trouble ahead for the 17-nation currency. Unconvinced that the eurozone crisis is over, Germany’s central bank is stockpiling billions in order to get through what it thinks is more difficult as the sovereign debt crisis continues. The head of Germany’s central bank, Jens Weidmann, thinks that reforms are needed in order to get […]
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March 122013
US Dollar Index Slips as Traders Look for Direction
US dollar index is slipping right now, after seeing gains earlier in the session. Forex traders are looking for direction right now as economic data comes in from various sources. For now, US dollar is lower against the euro, and the dollar index is slipping a bit. Earlier, the dollar index was near its seven-month high, but the index has since fallen below today’s open. Greenback got […]
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March 122013
Sterling Declines as UK Output Contracts
The Great Britain pound dropped today, touching the lowest level since June 2010 against the US dollar, as both factory and industrial production declined in January. UK industrial output dropped 1.2 percent in January from December. Factory production declined 1.5 percent in the same period. The data confirmed that Britain’s economy is experiencing tough times, driving investors away from the nation’s currency. GBP/USD fell from 1.4911 […]
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March 122013
AUD/USD Rises Despite Falling Business Confidence, AUD/JPY Retreats
The Australian dollar gained against its US counterpart today even as business confidence edged down last month. At the same time, the trimmed its gains versus the Japanese yen. The National Australia Bank business confidence index went down from 3 to 1 in February. The report mentioned the high exchange rate of AUD as one of the reasons for the decline of confidence among businesses. The currency was rising against USD despite the data, but […]
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March 122013
Application of String Theory in Forex Trading
Yet another econophysics e-book is presented to your attention today. Published in late 2012 by R. Pincak and M. Repasan from SORS Research, this research paper describes the first attempt to apply the physical and mathematical model of the string theory to reliably predict the currency rate fluctuations in foreign exchange market: The String Prediction Models as an Invariants of Time Series in Forex Market To do so, they first build a prediction model based […]
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March 122013
Threat of Interventions Continues to Weaken Yen
The Japanese yen extended its drop today, falling to the lowest level August 2009 against the US dollar, on signs that policy makers will continue to intervene, attempting to weaken the currency. The yen paused the decline as of now, trimming its losses against the dollar and erasing them completely versus the euro and the pound. The next Bank of Japan Governor Haruhiko Kuroda signaled that he will pursue more aggressive monetary easing and said […]
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March 122013
EUR/USD Backs of as Fitch Downgrades Italy
The euro fell today, following yesterday’s gains, after Fitch Ratings downgraded Italy’s credit rating. The currency held steady against the Japanese yen and the Great Britain pound. Fitch downgraded Italy’s long-term foreign and local ratings to BBB+ from A-, while the outlook remained negative. The agency cited among other reasons for the downgrade: The inconclusive results of the Italian parliamentary elections on 24–25 February make it unlikely that a stable new […]
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