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Day: May 24, 2013
May 242013
Loonie Closes Lower as Commodities Decline
The Canadian dollar fell today as commodities declined on talks that riskier assets have gained too much in the previous days. Such speculations reduced the appeal of currencies tied to performance of raw materials. US durable goods orders grew 3.3 percent in April, adding to evidences of economic growth in the United States and fueling speculations that the Federal Reserve will reduce stimulus. Such talks boosted the US dollar. Stronger greenback led […]
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May 242013
Euro Moves Higher Against the Dollar
Euro is paring some of its earlier losses, and even moving higher against the US dollar today, getting help from the latest German Ifo reading. After falling earlier today, the euro is eking out gains against the US dollar. The latest German Ifo reading is helping matters for the 17-nation currency. The latest Ifo report shows an improvement to 105.7 from the 104.4 level seen in April. This unexpected […]
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May 242013
US Dollar Heads Higher as Risk Aversion Reappears
Ben Bernanke may be daring investors to buy stocks, but this attempt at encouraging an investment in risk assets doesn’t seem to be working out today. Risk aversion has set in, and the US dollar is higher, and risk assets are lower. After declining yesterday, the US dollar is back up on top as Forex traders and others ponder what’s next for the global economy. Risk aversion seems to be […]
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May 242013
Swedish Krona Falls vs. Euro as Confidence Slips, Rises vs. Dollar
The Swedish krona fell today against the euro, touching the lowest level in a week, after the consumer and manufacturing gauges declined this month, sparking talks about an interest rate cut. The currency advanced versus the US dollar. The Consumer Confidence Indicator fell from 5.2 to 3.6 in May. The confidence indicator for the manufacturing industry declined from -9 in April to -15 this month. The Riksbank will hold its policy meeting on July 3 […]
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May 242013
NZ Dollar Drops as Trade Surplus Shrinks
The New Zealand dollar fell today as the trade balance surplus shrank last month more than was expected by market participants, adding to concerns about slowdown of global growth. The New Zealand trade surplus narrowed from NZ$732 million in March to NZ$157 million in April. The median forecast was at NZ$495 million. The worse-than-expected data spooked traders, who were already worried by the global developments. NZD/USD fell from 0.8132 to 0.8101 […]
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May 242013
Book Review: The Foreign Exchange Matrix
Contents 1 Read It! 2 The Goodies 3 Advantage and Reasons 4 Minor Nuisances 5 Conclusion The Foreign Exchange Matrix: A new framework for understanding currency movements was written by two authors — Barbara Rockefeller and Vicki Schmelzer. You may remember my review of Barbara’s other book. It would not be a big exaggeration to say that I am Barbara’s fan when it comes to foreign exchange writing. This […]
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May 242013
Swiss Franc Retains Gains on Risk Aversion
The Swiss franc retreated today after jumping yesterday on risk aversion, but retained most of its gains. Additionally, the currency advanced versus the yen, against which it fell yesterday. Forex traders were not in mood to risk and preferred safer assets. Negative data from China and the eurozone added to concerns caused by speculations that the Federal Reserve may tamper its quantitative easing program. Safe currencies rallied on the pessimistic […]
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