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Day: May 17, 2013
May 172013
Canadian Dollar Slumps as Inflation Decelerates
The Canadian dollar slumped today, touching the lowest level since March against its US peer, as inflation slowed last month, decreasing probability of an interest rate hike from the Bank of Canada. The Consumer Price Index rose 0.4 percent in April from a year ago. It was the slowest growth since October 2009. Consumer prices fell 0.2 percent, month-on-month. The BoC was talking about raising interest rates […]
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May 172013
Chilean Peso Drops vs. Dollar even as Monetary Policy Remains Stable
The Chilean peso weakened today against the US dollar even though the central bank refrained from cutting interest rates yesterday. The currency advanced versus the euro. The Central Bank of Chile kept its main interest rate at 5 percent. The central bank said in the statement that “international financial conditions show some improvement”. Regarding Chile’s fundamentals, the bank noted: Domestically, first-quarter indicators show decelerating output and demand. The labor […]
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May 172013
Political Infighting Takes Toll on Euro
Disagreement over the vision of the eurozone is starting to take its toll on the euro. Lack of unified leadership at a time of economic difficult and continued sovereign debt crisis is contributing to the euro hitting a six week low in earlier trading. French President Francois Hollande is once again pressing for greater integration in the eurozone, and the ECB has been announced as the bank supervisor for the eurozone. However, even though the French president is interested in greater […]
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May 172013
US Dollar Strengthens on Federal Reserve Comments
US dollar is heading higher today, surging on the latest news from the Federal Reserve. Comments about the Fed’s quantitive easing program â and its potential end this year â are lending strength to the greenback. The President of the San Francisco Federal Reserve, John Williams, made comments indicating that the current quantitative easing program might end this year. The idea that the efforts to keep the dollar weak might be coming […]
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May 172013
EUR/USD Trickles Down
EUR/USD slumped today after erasing its rally and closing flat yesterday. There was no particular big event to cause the slump, but there are enough reasons for the currency pair to go down. Rumors that the European Central Bank may introduce negative deposit rates and this week’s abysmal GDP reports from the eurozone make the euro unattractive for investors. On top of that, US economic news was good […]
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May 172013
Slower Malaysia’s Growth Weakens Ringgit
The Malaysian ringgit weakened today, heading to a weekly decline that will end the eight-week streak of gains, as country’s economic growth slowed last quarter. Malaysian gross domestic product grew 4.1 percent in the first quarter of 2013 from a year ago, slower than in the previous three months (6.5 percent). The median analysts’ forecast was at 5.5 percent. The dollar’s strength also hurt the currency. The Dollar Index advanced 0.9 percent […]
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May 172013
Labor Unrest in South Africa Hurts Rand
The South African rand weakened today, extending its longest decline in a year and touching the lowest level in four years, on concerns that worker strikes and falling commodity prices will hurt the nation’s economy. Labor unrest at mines is a continuous problem in South Africa and it looks like the issue resurfaced again. It is very bad for the country’s economy as the mining sector contributes to more than a half of South African exports. […]
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May 172013
Moody’s Raises Turkey’s Credit Rating, Lira Remains Soft
The Turkish lira was a bit soft today even as Moody’s Investor Service increased Turkey’s credit rating, making nation’s assets more appealing to investors. Moody’s raised Turkey’s government bond ratings by one notch to Baa3 from Ba1 and assigned a stable outlook. The rating agency cited following reasons for the decision: 1. Recent and expected future improvements in key economic and public finance metrics. 2. Progress on structural and institutional reforms […]
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