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Day: March 29, 2013
March 292013
Won Retreats as Tension Between Koreas Rises, Recovers from Losses
The South Korean won fell today as tension between the country and North Korea are rising. The poor domestic fundamentals did not help the currency either. Yet it has managed to erase its losses as of now Animosity between South Korea and its northern neighbor was rising after North Korea performed a test of nuclear device last month. Meanwhile, the communist state said that military drills performed by South […]
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March 292013
Yuan Rises with Help of PBoC
The Chinese yuan advanced today as the People’s Bank of China raised its reference rate, allowing the currency to rise. Positive expectations for macroeconomic data from the country also helped the currency. The PBoC set the daily fixing 0.08 percent higher to 6.2689 per dollar, the strongest level since May. According to analysts’ estimates, China’s manufacturing Purchasing Managers’ Index rose from 50.1 in February to 51.6 in March. The official data will be […]
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March 292013
US Dollar Ready to End the Week on a High Note
US dollar is set to end the week on a high note, thanks to better data out of the United States, combined with safe haven demand. Volume is relatively low, though, thanks to the fact that many markets are closed for Good Friday ahead of the Easter holiday on Sunday. US dollar is higher today, thanks to a combination of solid economic data out of the United States, as well as a desire for safe haven. The dollar […]
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March 292013
UK Pound Steady as Long Weekend Begins
While the FX market doesn’t close for holidays, equity markets in the United States and Europe are closed for Good Friday, and that is affecting volume. UK pound is mostly steady against its major counterparts as traders assess the situation from the last two weeks and get set for a new week and a new month. UK pound is mostly steady right now as Forex traders review the events of the past couple of weeks, […]
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March 292013
EUR/USD Maintains Yesterday’s Gains During Holiday
EUR/USD maintained yesterday’s gains today as traders were relaxed after Cyprus opened its banks and instituted measures to prevent a massive escape of capital from the country’s banking system. Trading volumes were thin because of the Good Friday holiday. Still, there were a few reports and rather positive ones, which supported the investors’ good mood. Both personal income and spending increased in February, being in line with forecasts. Income […]
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March 292013
Yen Submits to Concerns About Inflation
The Japanese yen has succumbed to concerns about the expected intervention from the Bank of Japan, falling against other most-traded currencies (though rising against the US dollar) after fear came off the Forex market. It is not a surprise that the yen retreated as traders have less fear about Cyprus. They do not feel need for the safety of the currency in such conditions. And the pledge of BoJ Governor Haruhiko Kuroda to reach […]
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March 292013
Euro Bounces as Traders Less Fearful of Cyprus
The euro bounced after fears of financial crisis in Cyprus abated to some degree. The currency advanced versus the US dollar and erased losses against the Japanese yen, but remained soft against the Great Britain pound. Cyprus reopened its banks, but instituted severe measure to prevent a flight of capital from the system. Among such measures are limit of just â¬300 to withdraw locally. The government claimed that such measures are […]
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