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Day: April 3, 2013
April 32013
Crude Oil Falls on US Employment Report, CAD Follows
The Canadian dollar fell today as crude oil, as well as other commodities, declined after Automatic Data Processing released a worse-than-expected employment estimate. Crude fell as much as 2.7 percent to $94.55 per barrel in New York. Other raw materials followed and The Standard & Poorâs GSCI Index of 24 commodities went down 2 percent. One of the major reasons for the drop of commodities was the ADP employment report, which showed an increase […]
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April 32013
South Korean Won Rises Despite Escalating Political Tension
The South Korean won rose against the US dollar today despite the threat of war between South and North Koreas. The currency remains under pressure as investors are selling South Korean stocks. North Korea said last month that the countries are in a “state of war” and warned yesterday that it is going to resume its Yongbyon nuclear site, which was closed in 2007. The benchmark Kospi Index slipped 0.7 […]
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April 32013
Euro Struggles ahead of ECB Meeting
Euro is struggling against some of its major counterparts ahead of the next ECB meeting. While the euro is higher against the US dollar right now, the 17-nation currency is heading lower against the pound and the yen. With the latest economic data pointing to weakness, it’s not much of a surprise that the euro is struggling. Eurostat just released data indicating that annual price growth in the eurozone is at 1.7 […]
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April 32013
US Dollar Heads Lower on ADP Report
The latest private payroll report, for March, is in, and it shows the slowest job growth in five months. As a result, the US dollar is heading a little bit lower, thanks to the concerns about economic growth. ADP released its private employment report earlier, and the report showed that only 158,000 private sector jobs were added in March, rather than the forecast of 200,000. After months of showing some progress, this […]
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April 32013
Ruble Retreats on Capital Outflows
The Russian ruble declined today as the problems in Europe made Forex traders less willing to risk and reduced their interest in assets of emerging economies, resulting in biggest outflow of capital from Russia in a year. Net capital outflow totaled $25.8 billion in the first quarter of 2013. On top of that, Anton Siluanov, the Minister of Finance, said that the government is going to increase its foreign-currency reserves, further hurting the ruble. The Russian currency has […]
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April 32013
EUR/USD Up After Yesterday’s Losses
EUR/USD rose today, erasing yesterday’s losses. The data from the United States was disappointing as reports missed forecasts, except for factory orders that were in line with expectations. ADP employment grew by 158k jobs in March, missing the expectations of 203k. The positive part of the report was the upward revision of the February growth from 198k to 237k. (Event A on the chart.) ISM services PMI was at 54.4% in March. Not only it was […]
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April 32013
Loonie Gets Boost from US & China’s Data
The Canadian dollar continued to rise today as positive macroeconomic data from China and the United States invigorated performance of commodity currencies and made them more attractive to Forex traders. China’s non-manufacturing Purchasing Managers’ Index rose from 54.5 to 55.6 in March. US factory orders jumped 3 percent in February after falling 1 percent in January. The favorable reports added to the positive market sentiment, making investors seek higher yield. […]
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