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Day: April 16, 2013
April 162013
Euro Recovers After Huge Sell-Off
The euro climbed today, erasing yesterday’s decline versus the US dollar, as eurozone macroeconomic indicators were not that bad, while short-covering after the previous huge drop also helped to propel the currency higher. The ZEW Indicator of Economic Sentiment for Germany fell from 48.5 in March to 36.3 in April, more than analysts have predicted. The data was not good, strictly speaking, but the report pointed out that “the indicator […]
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April 162013
US Dollar Loses Ground as Risk Appetite Returns
US dollar is losing ground today as risk appetite returns to the market. Greenback is higher against the yen, but down against high beta currencies, particularly the euro. Greenback is losing ground today as risk appetite returns to the Forex market, and as gold prices begin a recovery move. US economic data has improved, and that is overcoming some of the disappointing information out of the eurozone, to help the 17-nation currency, and other […]
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April 162013
Kiwi Gets Boost Following Yesterday’s Drop
New Zealand dollar is getting a boost today, heading a little bit higher after yesterday’s drop. Kiwi is seeing some support, but more weakness could be ahead. Yesterday, disappointing growth data from China led to the wholesale dumping of risk assets, including commodity currencies like the New Zealand dollar. Today, as gold prices attempt to rise back toward the $1,400 level, and there is a little […]
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April 162013
Pound Rises as Inflation Remains Above BoE Target
The Great Britain pound rose today as inflation remained above the central bank’s target, reducing probability of additional monetary easing by the Bank of England. The Consumer Price Index rose 2.8 percent in March from a year. The increase was at the same rate as in previous month and in line with forecasts. The sterling weakened a bit on speculations that stagnating growth will spur the BoE to stimulate the economy despite inflationary pressure, but the currency recovered later. […]
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April 162013
Won Rebounds After Sell-Off
The South Korean won rebounded today as regional stocks advanced after yesterday’s sell-off. It looks like traders are returning to riskier assets, reversing earlier losses. The benchmark South Korean KOSPI index of shares added 0.1 percent following the previous decline by 1.2 percent. Stocks rebounded as market participants thought that they had fallen too much too fast. The drop was caused by negative news from […]
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April 162013
EUR/USD Erases Drop as Fear Wanes
EUR/USD rose today, erasing yesterday’s drop, as traders thought that the losses were overdone. Fear is leaving the Forex market and safer assets, including the dollar, find less demand from investors. Macroeconomic reports from the eurozone added to optimism as inflation stayed little changed at 1.7%, while the German economic sentiment declined, but remained near the highest level since 2010. (Event A on the chart.) News from the United States […]
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April 162013
Australian Dollar Bounces, Further Weakness Expected
The Australian dollar bounced today after yesterday’s huge drop. Fundamentals remain bad though and the minutes of the last central bank’s policy meeting added to negative factors that put pressure on the Aussie. The Reserve Bank of Australia released the minutes of its April policy meeting, showing that an interest rate cut remains likely. The central bank complained about high exchange rate and stated: The outlook for inflation, as currently assessed, would provide […]
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April 162013
Euro Steady After Yesterday’s Drop
The euro was steady today and even attempted to rally versus the US dollar. The currency sank yesterday against safe currencies after poor macroeconomic data from China and the United States spurred risk aversion on the Forex market. The slower-than-expected China’s growth was a major event at the start of this week, driving the FX market into risk-off mode. The USA did not help either with the fall of the Empire State Manufacturing Index, […]
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