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Day: June 7, 2013
June 72013
Pound Closes Lower vs. Dollar, Gains on Yen
The Great Britain pound fell against the dollar as US employment growth exceeded expectations. The currency erased losses versus the Japanese yen and trimmed its drop against the euro as the UK trade balance deficit narrowed. US non-farm payrolls grew by 175,000 jobs in May, beating the analysts’ forecast of 167,000. The data suggested that the Federal Reserve may indeed reduce its monetary stimulus. Such outlook bolstered the dollar against the sterling. […]
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June 72013
Canadian Dollar Jumps on Biggest Employment Growth in Decade
Perhaps, US employment data was the most important event today, but it was Canadian employment that shocked the Forex market. And it surprised in a positive way, allowing the Canadian dollar to surge. Analysts have predicted an increase by 16,100 in May, following the March’s rise by 12,500. But in fact Canadian employment grew by mind-boggling 95,000. It was the biggest job gain since August 2002. Additionally, the unemployment rate unexpectedly […]
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June 72013
Greenback Gets Upper Hand on Payrolls Data
US dollar is heading higher today following the most recent payrolls data. The result is adding a bit of confusion, though, since it muddies the water as to what might be next for the Federal Reserve. The nonfarm payrolls report for May is in for the United States, and the result has surprised analysts. Payrolls showed an increase of 175,000, even though the unemployment rate ticked higher, to 7.6 per cent. The result is that the greenback […]
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June 72013
Euro Pulls Back After Yesterday’s Bounce
Euro is heading lower today, pulling back after yesterday’s bounce. Once again, Forex traders are looking to the future, and wondering if — perhaps — Mario Draghi’s optimism yesterday was a bit overdone. Yesterday, with the ECB holding off on further stimulus measures, and with ECB President Mario Draghi painting an upbeat picture of the economic forecast for the eurozone, the euro bounced higher against the US dollar. Today, though, the euro […]
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June 72013
Won Falls, Still Heads to Weekly Gain
The South Korean won was heading to the biggest weekly advance among Asian currencies since September as speculations that the US Federal Reserve will not withdraw stimulus were driving the dollar down. The currency retreated today. Worse-than-expected US macroeconomic data suggested that it is too early to remove Fed’s monetary accommodation. This allowed the Bloomberg-JPMorgan Asia Dollar Index of regional currencies to advance 0.5 percent to 117.27 […]
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June 72013
Yen Gains as Aso Says No Intervention Needed
The Japanese yen gained today, advancing for the third straight session against the US dollar and the euro, as Japanese Finance Minister Taro Aso said that there is no immediate necessity to weaken the currency. Many traders were counting on Japanese policy makers to push the yen down as they were promising earlier. Now Forex market participants are felt betrayed and are trying to get out of short positions. Aso’s comments […]
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June 72013
EUR/USD Drops After Mixed US Employment Data
Today’s employment data from the United States was mixed as growth of nonfarm payrolls exceeded expectations, but the unemployment rate unexpectedly rose as well. The confusing indicators led to volatile movement of EUR/USD. Initially, the currency pair surged upwards, but it dropped later and currently continues to move down. Nonfarm payrolls grew 175k in May, beating the expectations of 167k. It was a good part of the report, yet their were a bad […]
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