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Day: May 13, 2013
May 132013
US Retail Sales Boost Canadian Dollar
The positive retail sales report from the United States boosted not only the US dollar, but the Canadian dollar as well. The loonie managed to outperform most of the major currencies. US retail sales rose 0.1 percent in April from March when they fell 0.5 percent. It was a nice surprise to market participants, who have expected a drop by 0.3 percent. The USA is Canada’s major trading partner, therefore […]
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May 132013
Will Dollar’s Rally Continue? It May
The US dollar has rallied last week and the rally was strong. Will the advance continue this week? Most analysts believe it will, but there may be obstacles for the currency. The dollar was rising on positive macroeconomic data. Favorable reports fed speculations that the Federal Reserve is going to reduce the scale of its asset purchases. Smaller quantitative easing should be positive for the currency. Data is expected […]
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May 132013
Euro Struggles on Continued Recession Worries
Euro is struggling today, changing between gains and losses against the US dollar, and finding it difficult to gain solid traction against other major currencies. Worries about recession continue to weigh on the 17-nation currency. Later this week, the latest eurozone GDP data is supposed to be released a little later this week. There are expectations that, once again, a quarterly drop in GDP will be evident. […]
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May 132013
US Dollar Mostly Rangebound as Traders Look for Direction
US dollar is mostly rangebound today, turning in a mixed performance as traders look for direction and speculation about what’s next for the Federal Reserve raises questions about what’s next. US dollar is mixed today, thanks in large part to speculation about what’s next from the Federal Reserve in terms of economic stimulus and exit from quantitative easing measures. Recent economic data showed an increase of 0.1 per cent in retail […]
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May 132013
PBoC Pushes Yuan Down
The Chinese yuan weakened today as the People’s Bank of China lowered its reference rate, forcing the exchange rate down. Analysts remain bullish on the currency in the long term. The PBoC set the daily fixing 0.09 percent lower at 6.2072 per dollar today. The yuan is allowed to trade at the range of 1 percent in either direction of the fixing. Experts maintained positive outlook for the currency amid speculations about financial reforms and widening of the trading range […]
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May 132013
Australian Dollar Remains Depressed
The Australian dollar remained depressed at the start of this week as business confidence worsened, adding to speculations that the central bank will cut interest rates yet again. The Aussies maintained last week’s drop today after National Australia Bank reported that its business confidence index fell from 2 in March to -2 in April. The bank said: Business conditions remain very difficult and confidence stumbles after showing signs […]
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May 132013
EUR Gains on USD as Europe Wants to Spur Growth
EUR/USD gained today on signs that European leaders are going to find new ways to boost economic growth of the eurozone. Previously, the euro was falling against the dollar as the positive data from the United States bolstered the greenback. Retail sales rose 0.1% in April. The increase was small, but still it was better than the predicted drop of 0.3%. The March change was at -0.5%. (Event A on the chart.) Business inventories were […]
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