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Day: April 11, 2013
April 112013
NZ Dollar Rallies Despite Mixed Fundamentals
The New Zealand dollar climbed today as data showed an expansion of the manufacturing sector. Not all fundamentals were good, but this did not deter the currency from reaching the highest level since August 2011 against the US dollar and the strongest price since February 2008 versus the Japanese yen. The BNZ-BusinessNZ seasonally adjusted PMI was at 53.4 in March. It was a drop from the February’s 56.0, but could still […]
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April 112013
Euro Battles on in Spite of Continued Economic Concerns
Euro is holding on to its gains against the US dollar and the Japanese yen right now, thanks in part to the news regarding those two currencies. However, there are still plenty of issues poised to plague the eurozone. Euro may not be on as stable footing as thought. Recently, European Union officials listened to a report on the comparative state of eurozone economies. Olli Rehn, the European commissioner over economic and monetary affairs pointed out […]
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April 112013
UK Pound Higher Against US Dollar – For Now
UK pound is moving higher against the US dollar today. The British currency is also seeing gains against the Canadian dollar. However, even though UK pound is getting a boost for now, the future of the sterling might not be so rosy. Today, the UK pound is getting help from the fact that the latest US economic data was a bit disappointing. The economic situation is putting a little […]
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April 112013
Krona Gains as Swedish Inflation Accelerates
The Swedish krona gained today as consumer price inflation accelerated, beating analysts’ forecasts and improving prospects for the nation’s economy and currency. The Swedish Consumer Price Index rose 0.4 percent in March from February. The annual inflation rate was at 0.0 percent in March after falling 0.2 percent in February. Analysts have anticipated that the rate would fall 0.2 percent last month too. USD/SEK ticked down from 6.3965 […]
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April 112013
Yuan Retreats from Record, Will Its Rally Resume?
The Chinese yuan retreated from yesterday’s record level as the People’s Bank of China lowered the daily fixing, but rose from today’s opening, signaling that the market has confidence in the currency. The PBoC set its reference rate 0.05 percent lower to 6.2578 per dollar. The currency has reached the record high of 6.1923 yesterday. Analysts think that the yuan will likely continue appreciate (if the central bank will not […]
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April 112013
EUR/USD Resumes Rally After Small Pause
EUR/USD resumed its rally today after a small drop yesterday. Italian and Spanish borrowing costs declined, signaling that traders are less worried about the financial crisis in the eurozone. Falling jobless claims in the United States added to risk appetite. Initial jobless claims were at the seasonally adjusted rate of 346k last week. The figure was below the forecast of 362 and the previous week’s rate of 388k. (Event A on the chart.) Import and export […]
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April 112013
Dollar Little Affected by FOMC Minutes, USD/JPY Unable to Reach 100
The US dollar rose a little against the euro today, paying almost no attention to the yesterday’s Federal Open Market Committee minutes. The currency halted its rally versus the Japanese yen, unable to reach the 100 yens per dollar level. The FOMC minutes were released prematurely yesterday as they were accidentally leaked to those who usually receive them by e-mail. The minutes showed that some policy makers favor reduction […]
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April 112013
Australian Dollar Suffers from Unexpectedly Bad Fundamentals
The Australian dollar slumped today as employment data frustrated Forex market participants, being exceptionally bad and leading to speculations about probable interest rate cut by the Reserve Bank of Australia. Analysts have predicted a drop of employment by 6,700 in March, but the actual decrease was much bigger — 36,100. It followed the very robust growth by 74,000 in February. Moreover, the unemployment rate increased from 5.4 percent to 5.6 percent. The Westpac Melbourne […]
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