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Day: April 29, 2013
April 292013
US Dollar Retreats on Economic Data
Economic data in the United States is prompting a retreat for the US dollar right now. As data continues to disappoint, the greenback heads lower as quantitative easing measures are expected to remain in place. The Federal Reserve is meeting later this week to discuss monetary policy, and there are expectations that the FOMC will decide to continue its asset purchase program. The continuation of quantitative easing measures is weighing on the greenback today. US […]
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April 292013
ECB Rate Cut Expected Following Confidence Data
Many are now expecting that the European Central Bank will cut its benchmark interest rate at its next meeting due to the latest confidence data out of the eurozone. Economic confidence continues to dwindle, and that could lead the ECB to cut rates in a stimulus effort. The latest economic confidence data out of the eurozone shows a larger slump than expected. According to the Economic Sentiment Indicator, confidence in the eurozone economy dropped to 88.6 […]
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April 292013
Widening South Korean Current-Account Surplus Leads to Stronger Won
The South Korean won soared today as the nation’s trading account surplus widened, increasing the attractiveness of South Korean assets and leading to hopes for higher capital inflows into the country. The Bank of Korea reported that the current-account excess reached $4.98 billion in March, up from $2.71 billion in February. The data suggests that the South Korean economy is in a healthy state, making it attractive for foreign investors. The won profited from this, […]
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April 292013
NZ Dollar Rallies on Anticipation of Building Approvals Growth
The New Zealand dollar jumped today on forecast that housing approvals will show growth with accelerating pace in tomorrow’s report. The currency performed rather good last week and started this week on a strong footing. Analysts estimated ahead of the government report that building consents grew 2 percent in March after rising 1.9 percent in the prior month. Such data supports the view of the central bank that interest rates […]
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April 292013
EUR/USD Maintains Rally as US Data Continues to Disappoint
EUR/USD advanced today, maintaining the rally that has started on Friday. The euro was buoyed by a positive result of the Italian debt auction, while the dollar continued to be under pressure from worse-than-expected fundamentals. The data was not exactly bad (and the housing report was fairly good), but it looks like traders pay more attention to the bad part of news for the United States, overlooking the good part. Personal income and spending […]
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