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Day: April 24, 2013
April 242013
Pound Gains on Europe’s Woes, Trims Rally vs. Euro
The Great Britain pound rallied today as poor macroeconomic data from Europe increased the appeal of the UK currency as a safe haven against problems in the eurozone. The sterling trimmed its gains versus the euro as Britain’s retail sales unexpectedly fell. The German Ifo Business Climate Index fell from 106.7 in March to 104.4 in April. Analysts have hoped that the gauge would stay little-changed. The report added to signs of economic weakness of the eurozone. […]
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April 242013
CAD Reverses Losses vs. USD & JPY, Erases Gains vs. EUR
The Canadian dollar was falling today against the US dollar and the Japanese yen, but pared losses and is hovering near the opening level right now. On the other hand, the currency erased its gains versus the euro. Macroeconomic data from both the United States and Europe was bad today, driving the Forex market into the risk-aversion mode. Not everything was bad for the loonie though. Crude oil, Canadaâs biggest export, […]
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April 242013
Euro Loses Ground on Economic Data
Euro is losing ground today, thanks to more disappointing economic data out of Germany, and across the eurozone. Euro is down against all of its major counterparts due to concerns about the faltering German economy, and its affect on the rest of the eurozone. Last week, the president of the Bundesbank in Germany said that the ECB rate was at an appropriate level, and that there was no reason to change the situation unless economic data was […]
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April 242013
US Dollar Trades Mixed Today
US dollar is trading mixed today, and is mostly rangebound, as Forex traders await developments. There is plenty to consider right now, between speculation of an ECB cut and interest in continued earnings reports. Greenback is higher against the euro today, gaining as speculation that the European Central Bank will be forced to cut rates as economic news out of Germany continues to worsen. US dollar is lower against […]
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April 242013
Yen Weakens as Traders Hope for More Stimulus from Central Banks
The Japanese yen weakened today as prospects for additional stimulus from central banks of developed nations attracted investors to higher-yielding assets and reduced demand for safety. The Bank of Japan is perhaps the most aggressive central bank with continuous efforts to boost the economy and weaken the yen. Prospects for additional monetary easing continue to push the currency to the downside. One of the best performers against the yen today was the New Zealand dollar. The kiwi was supported […]
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April 242013
NZ Dollar Soars as RBNZ Refrains from Cutting Interest Rates
The New Zealand dollar surged today after the Reserve Bank of New Zealand left its main interest rate unchanged and suggested that there will be no rate cuts this year. The RBNZ maintained its Official Cash Rate (the key interest rate) at 2.5 percent today. The accompanying statement was rather positive, saying that “global financial market sentiment remains buoyant” and “growth in the New Zealand economy […]
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April 242013
EUR/USD Under Pressure from US & European Fundamentals
EUR/USD rallied today, but retreated later as fundamentals both in the United States and Europe were bad. The German business confidence worsened in April, adding to this week’s negative data. (Event A on the chart.) The report said: “Although the majority of companies assessed their current business situation as good, they were far more cautious than last month.” As for the US indicators, durable goods inventories fell much more than was expected. […]
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April 242013
Aussie Attempts to Hold Ground amid Negative Fundamentals
The Australian dollar fluctuated today, but was fairly resilient even as both global and domestic fundamentals were not supportive for the currency that is linked to commodities and economic growth. The Australian Consumer Price Index grew 0.4 percent in the first quarter of 2013. This is compared to the traders’ expectations of 0.7 percent growth. Slower-than-anticipated inflation growth added to speculations that the Reserve Bank of Australia will resume interest rate cuts […]
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April 242013
Loonie Heads Lower After Good Trading Session
The Canadian dollar retreated today following yesterday’s gains as poor macroeconomic data from the United States and China drove commodity prices lower. The rally on the previous trading session was caused by good domestic fundamentals. The eurozone confirmed that its economy is struggling and this continues to hurt global growth. China is less helpful to the world economy as its growth is also cooling. Such situation is not welcomed […]
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