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Day: June 5, 2013
June 52013
Canadian Dollar Goes Lower on Mixed US Data
The Canadian dollar fell today as mixed US macroeconomic reports created uncertainty and confusion on the Forex markets, making riskier currencies less appealing to investors. The employment report of Automatic Data Processing showed an increase of 135,000 last month, noticeably below the forecast of 171,000. At the same time, the services Purchasing Managers’ Index of Institute for Supply Management increased 53.7 percent in May from 53.1 in April, more than was expected. The mixed data […]
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June 52013
Risk Aversion Helps Yen, Abe Fails to Mention Stimulus
The Japanese yen advanced today amid the risk aversion sentiment among Forex market participants and as Prime Minister Shinzo Abe did not mention additional stimulus measures. Abe described the “third arrow” of his plan to revive the Japanese economy. Details will be available next week. Yet absence of news regarding additional monetary stimulus disappointed traders and allowed the yen to rally. Additionally, the Japanese currency profited from risk […]
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June 52013
Risk Aversion, Eurozone Concerns Send Euro Lower
Risk aversion is back in vogue today, and that is weighing on the euro today. Indeed, euro is a little lower ahead of tomorrow’s expected ECB policy announcement. Forex traders are waiting to see what the ECB will announce tomorrow. The latest jobs data out of the United States, combined with the disappointing news out of China recently, are weighing on sentiment, as it appears that the global economy might be […]
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June 52013
US Dollar Struggles Following Weak Jobs Data
US dollar is struggling a bit today following the weak jobs data just released. Mostly, the dollar is lower against the Japanese yen today, but it is still struggling a bit against other major counterparts. According to the ADP report for May, the private sector in the United States only added 135,000 jobs. Many had expected that 165,000 jobs would be added to the economy. The weaker than expected […]
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June 52013
Pound Rises as Services Expands Faster than Expected
The Great Britain pound advanced today as UK service industries expanded last month with fastest pace in more than a year, exceeding analysts’ expectations and adding to signs of economic recovery in the United Kingdom. The Markit/CIPS UK Services Purchasing Managers’ Index rose from 52.9 in April to 54.9 in May. It was the highest level since March 2012. Forecasters have predicted an increase to just 53.1. The data followed other reports […]
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June 52013
Australian Dollar Drops for Second Day as GDP Growth Trails Forecast
The Australian dollar slumped today for the second day as country’s economic growth last quarter was slower than market participants have hoped for, sparking talks about an interest rate cut. Australian gross domestic product grew 0.6 percent in the first quarter of 2013 on a seasonally adjusted basis, at the same rate as in the previous quarter and slower than the forecast 0.8 percent. The annual increase was at 2.5 percent, below the expectations of 2.7 […]
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June 52013
EUR/USD Advances as ADP Report Trails Forecasts
EUR/USD rose today as the ADP employment report showed smaller increase than traders have hoped for. Such data suggests that the Federal Reserve may postpone withdrawal of monetary stimulus. Yet it is important to remember that in the past months the ADP report was showing somewhat different picture than nonfarm payrolls, which are more important. The payrolls will be released on Friday. ADP employment came […]
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