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Day: April 10, 2013
April 102013
Euro Runs Into Difficulties as Cyprus Announces Gold Sale
Euro is lower today, struggling as continued concerns about the eurozone and the fate of the 17-nation currency weigh. The latest difficulty comes from the announcement that Cyprus is planning to sell off some of its gold reserves in order to raise funds. Earlier, Cyprus announced its plan to sell off some of the gold from its reserves. The move is prompting speculation that the Cyprus economy will essentially collapse with this […]
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April 102013
Canadian Dollar Gains against Major Counterparts
Canadian dollar is getting a boost today as Forex traders look for higher yields. Particularly, loonie is benefitting from flows out of Japan. Canadian dollar is being favored right now as Forex traders attempt to capture the benefits of higher-yielding commodity currencies. Against its major counterparts, the loonie is heading higher. Along with the Down Under currencies, the Canadian dollar is seeing some solid progress. The latest […]
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April 102013
Inflation in Norway Slows, Leading to Krone’s Decline
The Norwegian krone declined today as slowing growth of consumer prices fueled speculations that the central bank will perform an interest rate cut to boost inflation. The year-over-year growth of the Consumer Price Index adjusted for tax changes and excluding energy products fell 0.2 percentage point to 0.9 percent in March from February. Analysts have hoped the gauge to stay unchanged. The unexpected slowdown of inflation led to speculations that the Norges Bank will […]
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April 102013
Chilean Peso Weaker on Intervention Comments
The Chilean peso weakened today on speculations that the central bank may intervene to trim the rally of the currency that reached the highest level since September 2011 this week. Finance Minister Felipe Larrain said that the Chilean government and the Central Bank of Chile may act in coordination to rein the currency’s gains and an intervention is an option. The bank will conduct a policy meeting tomorrow. There were signs that the central bank was […]
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April 102013
EUR/USD Halts Rally After Five Sessions of Gains
EUR/USD ended its rally today after five days of gains. The currency pair attempted to rally on this trading session too, but failed. The minutes of the last Fed’s meeting was released ahead of schedule, but did not reveal anything particularly new. The macroeconomic data from the United States was good, while traders are still nervous about the economic health of the eurozone. The Federal Open Market Committee minutes, […]
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April 102013
AUD Extends Gains as China Increases Imports
The Australian dollar extended its gains today as China, the major Australia’s trading partner, increased its imports, improving trading prospects of the South Pacific nation. According to the Customs General Administration of China, imports grew 14.1 percent in March from a year ago, beating the median forecast of 6 percent. At the same time, exports advanced 10 percent. The resulting trade deficit was $880 million. Yesterday, China’s National Bureau of Statistics […]
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April 102013
Mixed Fundamentals Left Pound Without Direction to Move
The Great Britain rose against the US dollar and the Japanese yen, but was stable against the euro after weakening yesterday. The moves were small as mixed fundamentals did not give the currency reasons to go in any particular direction. UK manufacturing production rose 0.8 percent in February from January, when it fell 1.9 percent. The actual increase was twice as big as the forecast figure of 0.4 percent. The trade balance […]
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