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Day: May 2, 2013
May 22013
CAD Loses to USD, Gains on EUR & JPY
The Canadian dollar fell today after a successor to the position of the Bank of Canada head was announced. The currency managed to gain against the euro and the Japanese yen. Stephen Poloz, the leader of Canada’s export credit agency, will replace the incumbent BoC Governor Mark Carney, who will take the leadership of the Bank of England. Market participants speculated that the new Governor may be more inclined to ease monetary policy. Such talks weakened […]
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May 22013
Dollar Climbs on Positive Data & ECB Rate Cut
The US dollar rallied today following yesterday drop as macroeconomic data from the United States was better than market participants have hoped for. The currency was especially strong versus the euro after the European Central Bank slashed its main interest rate. Basically all US fundamental reports were good today, totally opposite to the yesterday’s data. The US trade balance deficit shrank from $43.6 billion […]
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May 22013
Euro Drops Following ECB Decision and Draghi Comments
Euro is heading lower today, dropping on the latest comments from ECB policymakers. The lower rate was expected by many, but what wasn’t expected was an acceptance of possibly negative rates. Today, the European Central Bank announced its latest rate decision. The ECB decided to cut its rate from 0.75 per cent to 0.50 per cent. This was expected, and the move did little to affect the euro in trading. […]
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May 22013
Yen Mostly Lower after BOJ Minutes
Yen is mostly lower today against its major counterparts following the latest release of BOJ minutes. Even though there are some concerns about the aggressive monetary easing policy being pursued by the central bank, most of the policymakers are expressing confidence in the bank’s decision. Recently, the Bank of Japan announced a plan to double the monetary base in the next two years and aim for an inflation target of two per cent. The move is […]
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May 22013
South Korean Won Retreats Even amid Favorable Fundamentals
The South Korean won retreated today after touching the highest level since March. The earlier rally occurred after South Korea’s trade balance posted surplus and manufacturing expanded last month. South Korea’s exports grew 0.4 percent in April from a year ago, exceeding imports for the 15th consecutive month. The country’s manufacturing Purchasing Managers’ Index rose to 52.6 last month from 52.0 in March. The US macroeconomic data […]
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May 22013
Pound Firm as Construction PMI Beats Expectations
The Great Britain pound remained strong today as data showed that the construction sector shrank last month less than was predicted by analysts, giving hope that the UK economy is recovering. The Markit/CIPS UK Construction PMI rose from 47.2 in March to 49.4 in April, beating the forecast of 48.1. As with manufacturing, the report was not strictly good as it still pointed on decline of the sector, but at least it was […]
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May 22013
EUR/USD Reverses Drop After ECB Cuts Interest Rates
Today’s trading session was completely unlike yesterday’s one as all data from the United States was better than expected. The most important event happened in Europe though as the European Central Bank announced its monetary policy decision. Analysts have predicted that the central bank would leave interest rates unchanged, but there were more and more speculations about an interest rate cut as time was passing […]
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May 22013
Aussie Is Not Happy with Economic News
The Australian dollar fell today as signs of global economic slowdown made investors prefer safety to higher yield, resulting in lower demand for the currency. News from the United States was bad, hurting riskier currencies. Data from China, the major trading partner of Australia, was not encouraging either. All in all, traders were on the defensive, leading to decline of stocks and commodities as well as currencies related to economic growth. Domestic fundamentals were […]
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May 22013
Mexican Peso Suffers from Poor US Data
The Mexican peso fell as poor macroeconomic data from the United States led to concerns about Mexico’s economic growth and speculations that policy makers may cut interest rates. The currency gained versus the euro, paring the earlier losses. Virtually all US fundamental reports on the first trading day of May were bad. Employment, manufacturing and construction data disappointed market participants, making them reluctant to buy risky currencies. The peso […]
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