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Day: April 15, 2013
April 152013
Loonie Tumbles along with Commodities
Commodities are taking a plunge today, and commodity currencies like the Canadian dollar are falling right along with them. Loonie is especially impacted by the drop in oil prices. Commodity prices are much lower as the US session moves into mid-morning trading. Gold has dropped below $1,400 an ounce, and oil prices are heading toward $88 a barrel. This bad news for commodities is weighing on currencies, like […]
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April 152013
Market-Wide Risk Aversion Sends US Dollar Higher
US dollar is gaining ground today, moving higher as risk aversion sends high beta currencies lower. Signs of economic weakness are weighing on risk as many traders finally come to the realization that things really aren’t that great. Concerns about slowing in the pace of the US economic recovery are weighing on other currencies today. Also of concern: The eurozone. Even though the ECB has said in the past — and put into […]
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April 152013
Yen Gains as China’s Growth Unexpectedly Slows
The Japanese yen strengthened today as unexpected slowdown of China’s economic growth spooked Forex market participants and increased demand for assets that offer safety. The National Bureau of Statistics reported that Chinese gross domestic product grew 7.7 percent in the first quarter of 2013 after expanding 7.9 percent in the previous three months. The data frustrated analysts who have expected 8.0 percent growth. The Japanese currency managed to show strength […]
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April 152013
GBP Gains on EUR as House Prices Grow, Soft vs. USD
The Great Britain pound rose against the euro today as house prices increased last month in the United Kingdom. The sterling was soft against other most-traded currencies, including the US dollar. The Rightmove House Price Index advanced 2.1 percent in April after increasing 1.7 percent in March. It was the fourth consecutive monthly increase. The pound rose against the euro on the news, but was weak versus the dollar, effectively reversing […]
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April 152013
EUR/USD Drops as China Spurs Risk Aversion
EUR/USD dropped today, but currently is attempting to rebound. China released its GDP report, showing than economic growth in the Asian nation was slower than anticipated by market participants. Such disappointment hurt the market sentiment. (Event A on the chart.) The US data did not help the matter as it also frustrated economists. NY Empire State Index slid from 9.2 in March to 3.1 in April. The actual drop was […]
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