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Day: June 4, 2013
June 42013
GBP/JPY Rises After Surprising Expansion of Construction PMI
The Great Britain pound rose against the Japanese yen today as construction made a pleasant surprise, unexpectedly expanding last month, adding to signs of recovery. The currency was little changed against the US dollar and the euro. The Markit/CIPS UK Construction Purchasing Managers’ Index advanced from 49.4 in April to 50.8 in May, beating analysts’ expectations. It was the highest level and the first reading above 50.0 (which means expansion) since October […]
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June 42013
US Dollar Rebounds as Traders Hope for Growth
The US dollar advanced today as Forex market participants thought that the United States will be able to maintain stable growth despite the recent string of poor macroeconomic data. The Dollar Index added 0.2 percent to 82.788 today. Yesterday, it dropped 0.9 percent, reaching the weakest level since May 9. The drop was caused by speculations that the Federal Reserve will maintain its stimulus program. Prospects for growth […]
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June 42013
Euro Swings Between Gains and Losses Against Dollar
Euro is moving between gains and losses against the US dollar today. Trading has been choppy as Forex traders try to work through some of the uncertainty surrounding the two currencies. Throughout today’s session, EUR/USD has been choppy, sometimes showing gains, and sometimes showing losses. A great deal of the choppiness is being attributed to uncertainty over what’s next for the central banks connected to the two currencies, as well as concern about […]
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June 42013
Canadian Dollar Loses Ground on Wider Trade Deficit
Canadian dollar is heading lower today as a wider trade deficit takes its toll. It’s also not helping that risk appetite, in general, is lacking today. Canada’s trade deficit of C$567 million is weighing on the loonie today, especially after March’s reported surplus was actually a C$3 million shortfall. The mistake, corrected by Statistics Canada along with the most recent figures, is weighing on the Canadian dollar, […]
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June 42013
Bank of Israel Keeps Shekel Appreciation in Check
The Israeli new shekel fell today as the central bank was buying dollars to keep currency’s appreciation in check. The shekel was already weakening on the previous actions of the bank. According to some traders, the Bank of Israel was buying dollars to push the currency down and help exporters. Exports may fall 3.4 percent in the next year from 3.9 percent in 2013. The central bank has cut interest rates two times last month, […]
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June 42013
Aussie Drops as Possibility of Lower Interest Rates Remains
The Australian dollar dropped today after the Reserve Bank of Australia maintained its cash rate unchanged and reiterated that lower interest rates are possible in the future. The RBA kept its benchmark interest rate at 2.75 percent today. The bank commented on the strength of the Aussie: The exchange rate has depreciated since the previous Board meeting, although, as the Board has noted for some time, it remains high considering the decline in export prices […]
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June 42013
Dollar Drops as Economic Data Suggests Extension of QE
The US dollar dropped as worse-than-expected macroeconomic reports from the Untied States fueled speculations that the Federal Reserve will maintain quantitative easing. The Purchasing Managers’ Index of Institute for Supply Management unexpectedly fell from 50.7 percent in April to 49.0 percent in May. Analysts have hoped that the gauge would stay little changed. The reading below the 50.0 level indicated contraction and it was the first decline since November 2012. […]
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