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Day: April 1, 2013
April 12013
Yuan Falls as PMI Misses Projections
The Chinese yuan fell today even as the nation’s manufacturing expanded with faster pace last month. The data still missed projections and perhaps it is a reason for the currency’s weakness. According to the official data, China’s manufacturing Purchasing Managers’ Index rose from 50.1 in February to 50.9 in March. The projected growth was at 51.6. The separate report from Markit/HSBC showed that the PMI reached exactly this value (51.6), rising from […]
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April 12013
Aussie Struggles Following Chinese Data
Aussie is struggling a little bit right now, thanks in large part to the latest Chinese data. With one of Australia’s major trading partners struggling, the Down Under currency is finding it difficult to gain the upper hand against some of its counterparts. Aussie is running into difficulties today at the beginning of a new week, month, and quarter. The latest Chinese factory activity reading, from March, found a slower rebound […]
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April 12013
Won Falls after Friday’s Rally
The South Korean won fell today, reaching the lowest price in a week, on poor trading data and conflict with North Korea, which threatens to turn into an overt war. The won fell today, following the Friday’s attempt to rally, as South Korean exports registered almost no growth in March. This was attributed to the weaker yen, which made Japan’s goods more competitive. At the same time, imports dropped 2 percent, resulting in a bigger […]
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April 12013
Japanese Yen Heads Higher on Short-Covering
Japanese yen is higher today as Forex traders and investors move into wait and see mode with regard to economic data and concerns about what’s next for the global economy. Also helping the yen today is a round of short-covering. Forex traders are waiting for data from the United States related to construction spending and manufacturing. Additionally, Forex traders have had the weekend to digest the latest European developments and try to decide what […]
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April 12013
Fear of Cyprus Has Gone Away? EUR/USD Thinks So
EUR/USD extended its rally for yet another session as it looked like the problems with Cyprus has gone away, at least for now. The data from the United States was not bad, even though manufacturing expansion slowed last month. ISM manufacturing PMI fell from 54.2% in February to 51.3% in March, while analysts have hoped it would stay unchanged. The data still indicated expansion, albeit with […]
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