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Day: May 8, 2013
May 82013
CAD Gains on USD, Weakens vs. EUR
The Canadian dollar advanced against its US peer today as metal prices surged, increasing the appeal of the currency related to commodities. At the same time, the loonie went down against the euro on slowing housing in Canada. Metals gained today, increasing the attractiveness of commodity currencies. Gold futures jumped as much as 1.69 percent to $1,473.30 per troy ounce on COMEX today. Copper advanced 1.95 percent to 3.3670 per pound. Domestic fundamentals were […]
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May 82013
Pound Gains Ahead of BoE Meeting
The Great Britain pound advanced today on speculations that the recent string of positive reports will encourage the Bank of England to refrain from adding to monetary stimulus on tomorrow’s meeting. The currency went down against the euro. The BoE will conduct its policy meeting on May 9. Analysts expect no changes to the policy. The recent data suggested that the economic situation in the United Kingdom is changing, making it prudent for the central bank […]
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May 82013
Interest Rate Cut Further Off; Euro Gains Ground
Euro is gaining ground today, heading higher as an ECB rate cut seems further off after German economic data. Also helping the euro is general risk appetite following Chinese data. The latest news out of Germany has many hoping that the eurozone’s biggest economy can pull the entire region out of its current funk. Better than expected industrial output is driving this hope. […]
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May 82013
US Dollar Lower Across the Board on Risk Appetite
Risk appetite, prompted by China’s trade surplus, is helping high beta currencies against the US dollar today. Greenback is down almost across the board as the situation for the global economy is expected to improve, and as risk assets fare in demand. The latest news out of China found that exports are up 14.7 per cent from the period of a year earlier. The news is prompting risk appetite as many consider that […]
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May 82013
Yuan Gains on Positive Trade Balance
The Chinese yuan strengthened today as China’s trade balance improved, beating analysts’ forecasts, and the central bank increased its daily fixing to the record high. The Peopleâs Bank of China set its reference rate 0.17 percent higher to the record of 6.1980 per dollar. The Customs General Administration of China reported that the trade surplus was at $18.2 billion in April, above the forecast of $15.5 billion. Exports surged 14.7 percent last month […]
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May 82013
NZ Dollar Drops as RBNZ Intervenes
The New Zealand dollar dropped today as the Reserve Bank of New Zealand intervened, selling the currency, and signaled that it may do so again to halt the rally of the kiwi. Central bank’s Governor Graeme Wheeler said that the bank sold New Zealand dollars and is ready to intervene again. Wheeler thought that interventions are not likely to weaken the currency materially, but can “take potentially the tops off rallies”. […]
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May 82013
EUR/USD Climbs on Good Data from Germany
EUR/USD climbed today after the report showed that German industrial production unexpectedly expanded 1.2 percent in March. (Event A on the chart.) This week is poor on economic data from the United States, but a report on consumer credit was released yesterday, showing that growth of credit was below expectation. Crude oil inventories increased by 0.2 million barrels last week (compared to the forecast 2.1 million and the previous week’s […]
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May 82013
Franc Remains in Downtrend as Fundamentals Do Not Change
The Swiss franc weakened today as the economic situation in Switzerland remained the same, giving the Swiss National Bank few reasons to drop the cap on the exchange rate. Switzerland’s consumer sentiment remained little-changed at -5 in April. Investors have hoped for an improvement to -3. The unemployment rate stayed at 3.1 percent. It is likely that the SNB will keep the ceiling until fundamentals improve significantly. USD/CHF rose from 0.9401 to 0.9409 and EUR/CHF went […]
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