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Day: May 1, 2013
May 12013
US Dollar Weakens on Fed, ADP Report
US dollar is weakening today, heading lower on the latest expectations for the US economy. The latest ADP report, along with expectations that the Fed will continue its asset purchase program, are contributing to dollar weakness. Worries about a soft patch for the US economy are weighing on the dollar today. The latest ADP report, highlighting jobs in the private sector, came in below expectations for April, with the economy only adding 119,000 […]
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May 12013
Euro Retains Strength against US Dollar
Euro is retaining its strength against the US dollar, even with concerns about Cyprus and rising unemployment. Worries about what’s next for the eurozone are being brushed off to some extent, while economic difficulties in the United States keep the dollar down. Speculations of a coming ECB rate cut are being brushed off by many Forex traders as they push EUR/USD up near the 1.3200 level. This level […]
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May 12013
NZ Dollar Maintains Gains on Fed even as China’s Manufacturing PMI Falls
The New Zealand dollar gained today on hopes that the Federal Reserve will confirm that quantitative easing stays in place. The currency maintained gains even as China’s manufacturing growth slowed. China’s manufacturing Purchasing Managers’ Index fell from 50.9 in March to 50.6 in April, while analysts have predicted it to remain near the previous level. The index still points on expansion, unlike in some developed nations, making the data not […]
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May 12013
Sterling Rallies as Drop of Manufacturing Smaller Than Predicted
The Great Britain pound rallied today even as data showed that manufacturing shrank last month. The good part of the report was that the sector’s decline was smaller than anticipated by analysts. The Markit/CIPS UK Manufacturing Purchasing Managers’ Index rose from 48.6 in March to 49.8 in April, while specialists have expected it to stay unchanged. The data was not good, strictly speaking, as the reading below 50.0 indicated contraction […]
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May 12013
EUR/USD Up After FOMC Meeting, Poor US Data
Today’s session was a busy one as there were quite a few economic reports from the United States as well as the monetary decision of the Federal Reserve. As was expected, the Fed maintained quantitative easing. All today’s reports were worse than expected, suggesting that the US central bank will not abandon stimulating measures anytime soon. Such prospects pushed EUR/USD higher. As of now, the currency pair struggles to keep gains. […]
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May 12013
CAD Gains on USD, Weak vs. JPY
The Canadian dollar rose against its US peer today, extending the rally for the fifth consecutive session, and gained on the euro. The currency dropped against the Japanese yen. Canada’s gross domestic product expanded 0.3 percent in February, with the same rate as in prior month. Analysts have expected somewhat slower growth by 0.2 percent. Other data was less favorable. The Raw Materials Price Index fell 1.7 percent in March, led […]
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