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Day: May 3, 2013
May 32013
Euro Heads Higher on US Economic Data
Euro is heading higher today, even in the midst of a deteriorating outlook for the eurozone. The risk appetite prompted by a better than expected jobs report out of the United States is helping high beta currencies around the world, never mind the fundamentals. Earlier, the European Commission warned that the recession in the eurozone is expected to worsen, and the unemployment is expected to be a problem as well. This is in sharp contrast to the US economy, which saw […]
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May 32013
Aussie Gains as Risk Appetite Surges in Markets
Australian dollar is gaining ground today, heading higher as risk appetite surges in the markets. Even though gold is struggling a bit today, the Aussie has the upper hand against its major counterparts as investors enthusiastically cheer the latest US economic data. Recent disappointments out of China are fading a bit today as US economic data steals the show and sends risk appetite soaring. The Australian dollar is heading […]
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May 32013
UK Services PMI Adds to Strength of Pound
The Great Britain pound rose today as data showed that the service sector expanded last month faster than was expected, adding to signs of economic recovery in the United Kingdom. The Markit/CIPS UK Services Purchasing Managers’ Index rose from 52.4 in March to 52.9 in April. Analysts have expected it to stay little changed. Today’s data added to the previous positive reports, proving that the UK economy is indeed on track […]
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May 32013
Yuan Firm on Hopes for Capital Inflows
The Chinese yuan was strong today together with other Asian countries on hopes that monetary stimulus in developed nations will result in higher capital inflows into the region. Domestic fundamentals were less supportive for the currency though. Quantitative easing from the Federal Reserve and the European Central Bank fueled speculations that investors will be courageous enough to seek higher yield in China and other Asian markets. Such talks […]
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May 32013
EUR/USD Drops on US Payrolls, Recovers
EUR/USD slumped today after US nonfarm payrolls came out better than was expected, but it quickly recovered and currently soars above the opening level. The employment data was surprisingly good, but other reports were not as positive, creating a picture of the US economy that is bit confusing. Nonfarm payrolls rose by 165k in April, compared to the median forecast of 146k. The March increase was revised positively […]
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