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Day: May 31, 2013
May 312013
Rand Falls as Central Bank Concerned by Volatility
The South African rand weakened today on signs that the central bank may intervene to curb volatility of the exchange rate. Central bankâs Deputy Governor Daniel Mminele said that swings of the currency are “somewhat exaggerated”. He explained that policy makers favor a flexible exchange rate, but are worried by “abrupt and disorderly movements”. Such comments led to speculations that the South African Reserve Bank may intervene to reduce […]
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May 312013
Real Weak vs. Dollar After Central Bank Makes Surprise Decision
The Brazilian real fell today amid speculations that positive US macroeconomic data will spur the US Federal Reserve to tighten its monetary policy. Brazil’s central bank already increased its interest rates, surprising Forex market participants. The Central Bank of Brazil increased its main interest rate to 8 percent on May 29. The bank said: The Committee evaluates that this decision will contribute to set inflation […]
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May 312013
Euro Lower as Unemployment Reaches Another High
Euro is heading lower today as risk aversion sets in, and as Forex traders consider that unemployment in the eurozone is hitting yet another high. With economic concerns, and with commodities in retreat, there isn’t much to support the euro right now. Eurozone unemployment hit 12.2 per cent in April, according to Eurostat. In places where the sovereign debt crisis hit hardest, though, unemployment is huge problem. Youth […]
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May 312013
Aussie Drops as Commodities Continue to Struggle
Australian dollar is heading lower today, dropping as commodities continue to struggle. With the Federal Reserve on the verge of pulling back its stimulus efforts, and concerns about global growth rising to the top, Aussie is having trouble today. Aussie is near a two-year low today, thanks in large part to the recent commodity slide. Gold prices and oil prices are lower today, and commodities have been struggling for weeks now. […]
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May 312013
EUR/USD Tanks as European Fundamentals Disappoint
EUR/USD dropped today as European macroeconomic reports were rather negative, hurting hopes for recovery. US fundamentals were not all good either as personal income and spending frustrated analysts who have expected an increase of the indicators. Yet Chicago PMI and Michigan Sentiment were better than expected, supporting positive outlook for the US economy. Both personal income and spending disappointed market participants. Personal income was almost unchanged […]
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