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Day: May 23, 2013
May 232013
Pound Advances vs. Dollar on UK GDP, Falls vs. Euro & Yen
The Great Britain pound advanced today versus the US dollar after the second revision of GDP data confirmed that the nation’s economy emerged from recession. At the same time, the currency weakened against the euro and the Japanese yen. UK gross domestic product grew 0.3 percent in the first three months of 2013 from the fourth quarter of 2013, according to the second revision. The reading was unchanged from the preliminary estimate. The data added to optimism […]
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May 232013
Canadian Dollar Teeters Between Gains and Losses
Canadian dollar is experiencing very choppy trading today, moving between gains and losses against major counterparts as traders and investors try to figure out what to do next. Yesterday, markets rallied following Federal Reserve Chair Ben Bernanke‘s testimony before Congress. Today, though, there is a different mood, with Chinese manufacturing reports indicating a contraction, and news out of the eurozone indicating continued recession. Even so, […]
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May 232013
Euro Gains Even After Weak Data
The eurozone continues to show weak data readings, and many expect the recession in the eurozone to last through the rest of the year. However, even so, the euro is still gaining against the US dollar. Even with the current “risk off” environment, euro is heading higher. The latest Purchasing Managers’ Composite index reading from Markit shows that a rise from 46.9 to 47.7 is being seen for May. However, even though […]
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May 232013
Concerned Investors Buy Yen
The Japanese yen climbed today, posting the biggest gain against the euro in five weeks, as Chinese manufacturing and speculations about the future monetary policy of the US Federal Reserve made investors nervous and unwilling to risk. Today’s data from China was worse than market participants have anticipated, driving the Forex market into the risk-aversion mode. Traders were already concerned after yesterday’s comments of Fed Chairman Ben Bernanke. The MSCI […]
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May 232013
EUR/USD Edges Higher with Eurozone Manufacturing
EUR/USD edged higher today as manufacturing in the eurozone contracted with slower pace in May than in April. (Event A on the chart.) The data from the United States was good too, fueling speculations that the Federal Reserve may trim the size of its asset-purchase program. Such talks bolstered the dollar, but the euro still managed to outperform the US currency. Initial jobless claims fell to 340k last week from the previous week’s 363k. […]
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May 232013
Aussie Drops with China’s Manufacturing
The Australian dollar slumped today, reaching the lowest level in a year against the US dollar, as China’s manufacturing contracted this month and the US Federal Reserve hinted that quantitative easing may be reduced. The HSBC Flash China Manufacturing Purchasing Managersâ Index dropped from 50.4 in April to 49.6 in May. It was expected to be little changed at 50.5. A reading below 50.0 indicates contraction of the sector. The Aussie (as the Australian currency […]
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