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Day: April 23, 2013
April 232013
Aussie Drops against Greenback, Gains vs. European Currencies
Aussie is heading lower against the US dollar after the latest data out of China disappoints. However, as European currencies continue to weaken, Australian dollar is finding some success against them. Aussie is trading mixed today against its major counterparts. Against the US dollar, the Australian dollar is heading lower. Lower commodity prices, as well as risk aversion, have many Forex traders favoring the greenback. […]
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April 232013
Japanese Yen Shows Strength against European Currencies
Slowing economic data out of China is weighing on high beta currencies, and helping support the Japanese yen against its European counterparts. Even with weakness expected moving forward, the yen is showing resilience right now. The latest CPI data out of China indicates that the economy is expanding at a slower pace than expected. The result is a bit of a disappointment, and a return to risk aversion on the news. With risk aversion […]
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April 232013
Pound Drops on Domestic Fundamentals, Attempts to Recover
The Great Britain pound weakened today as a report showed that industrial order expectations fell this month, confirming that the UK economy continues to remain weak. Confederation of British Industry reported that factory orders declined from -15 in March to -25 in April. Analysts have expected the gauge to stay little-changed at -14. The data added to concerns about Britain’s economic health, hurting the sterling. Right now, the currency is attempting […]
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April 232013
Euro Falls on Declining Manufacturing & Services
The euro dropped today as the manufacturing and service sectors continued to contract in the eurozone, fueling speculations that the European Central Bank will ease its monetary policy. Both eurozone manufacturing and service Purchasing Managers’ Indices were below the 50.0 level in April, indicating a contraction. Germany contributed to the decline as its PMIs were also in the contraction zone. Reports from outside of Europe were not good either, leading to talks that the ECB […]
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April 232013
EUR/USD Drops as European Services & Manufacturing Contract
EUR/USD declined today as the eurozone manufacturing and service indices showed a contraction of the sectors. (Event A on the chart.) Data from the United States was not encouraging either. The currency pair was attempting to rebound, but remains below the opening level as of now. New home sales rose a little to the seasonally adjusted rate of 217k in March from 411k in February, being in line with forecasts. (Event B on the chart.) Richmond Fed manufacturing index […]
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April 232013
Slowing China’s Manufacturing Growth Hurts NZ Dollar
The New Zealand dollar dropped today as slowing growth of China’s manufacturing sector led to worries about global economic growth and hurt prospects for New Zealand exports. The HSBC Flash China Manufacturing Purchasing Managersâ Index dropped from 51.6 in March to 50.5 in April. The median forecast promised smaller decrease to 51.4. China is the biggest trading partner of New Zealand. The recent data from China fueled concerns that nation’s […]
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April 232013
Canadian Dollar Attempts to Rally, Fails
The Canadian dollar was rallying against most major currencies at the beginning of this week, but it fell against the US dollar and the Japanese yen today. The currency traded sideways versus the euro. Fundamentals were not bad for the Canadian currency at the start of this week as stocks and commodities rallied. The Standard & Poor’s 500 Index of shares climbed 0.5 percent. Crude oil, Canada’s major export, advanced 0.9 percent to $88.76 […]
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