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Day: May 22, 2013
May 222013
Franc Drops as Jordan Speaks on Negative Interest Rates & Franc Cap
The Swiss franc dropped today as Swiss National Bank President Thomas Jordan talked about possibility of negative interest rates and shifting of the cap on the franc. Jordan warned about negative consequences of a strong currency: An appreciation of the franc would endanger price stability and have structurally grave consequences for the Swiss economy. He also spoke about changing the franc’s ceiling: The adjustment of the minimum exchange rate is something that principally belongs to the options […]
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May 222013
Dollar Volatile as Bernanke Speaks
The US dollar was volatile today as Forex market participants were trying to interpret the words of Federal Reserve Chairman Ben Bernanke and to guess whether the central bank will remove stimulus. Bernanke was testifying to the Congress today. At first, he warned about the danger of premature end to quantitative easing: Premature tightening of monetary policy could lead interest rates to rise temporarily but would also carry a substantial risk of slowing […]
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May 222013
UK Pound Falls after Retail Sales Data
After showing signs of mild recovery, the latest economic data out of the United Kingdom is proving disappointing. The result of the latest retail sales data is a lower pound, and speculation that things might not be turning around after all. Instead of gaining by 0.1 per cent, as many economists had expected, retail sales in the United Kingdom fell by 1.3 per cent, reports the Office for National Statistics. This represents […]
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May 222013
Euro Gains Today as US Monetary Policy is Expected to Remain Loose
Euro is gaining ground today, heading higher as Ben Bernanke’s testimony to Congress gets under way. Expectations of loose monetary policy in the United States are helping the euro today. Even though Federal Reserve Chair Ben Bernanke is likely to share optimism about the economy while testifying before Congress, there are enough doubts about inflation and the speed of the economic recovery that the loose monetary policy is […]
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May 222013
Vietnamese Dong Rallies as Interest Rate Cut Is Not Expected
The Vietnamese dong rallied today as central bank Deputy Governor Nguyen Dong Tien said that an interest rate cut is unlikely to happen this year amid the ongoing banking reform. Tien said yesterday: The pressure on inflation still remains and there are still some factors that will cause inflation to quicken toward the end of the year. A further rate cut by the central bank is difficult. Thereâs a small chance. […]
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May 222013
Hungarian Forint Rallies, Ending Sell Recommendation from Goldman
The Hungarian forint advanced today, breaking the level above which Goldman Sachs recommended their customers to close sell positions. The breakout added to the upward momentum of the currency. Goldman predicted last month that the forint would fall and recommended that clients to close positions if the currency appreciates beyond the 290 per euro level. The forint was rallying as the Hungarian economy expanded 0.7 percent in the first quarter of 2013 from the previous […]
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May 222013
EUR/USD Fluctuates on Bernanke’s Comments
EUR/USD was swinging back and forth today as Federal Reserve Chairman Ben Bernanke sent mixed signals about the future monetary policy. At first, he warned about the danger of a premature ending to quantitative easing. Such comments made traders believe that the Fed will keep QE intact. Yet later the Chairman suggested that the bond-purchase program may be reduced in the near future. The movement of the currency pair reflected shifting […]
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May 222013
Swiss Franc Mixed After IMF Report
The Swiss franc fell against the euro today, extending yesterday’s drop. The currency recovered a bit against the US dollar following the decline on the previous session and advanced versus the euro. The IMF released its assessment of the Switzerland economy, which was fairly optimistic. It said that “the Swiss economy has been relatively stable” and predicted: The economy is expected to regain momentum only gradually, in line with a baseline scenario of subdued global […]
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