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Day: June 10, 2013
June 102013
Canadian Housing Starts Beat Expectations, Loonie Rallies
The Canadian dollar rallied against its US peer and the Japanese yen today as housing starts outpaced investors’ expectations, adding to positive reports from Canada. The currency retreated against the euro. Canadian housing starts were at 200,178 units in May (seasonally adjusted), an increase from 175,922 in April. Analysts expected the starts to remain at the same rate as in April. The positive housing data followed the extremely good employment report, giving the loonie (as the Canadian […]
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June 102013
Japanese Yen Loses Ground as Nikkei Surges
Japanese yen is losing ground today, dropping against its major counterparts, as stimulus efforts boost the Nikkei, but weaken the currency. Earlier this year, the Bank of Japan announced an ambitious stimulus plan that involves doubling the monetary base. With the economy being flooded with yen, the currency has been weakening. Today all that weakness resulted in a surge for the Nikkei stock index. The Nikkei struggled a great deal […]
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June 102013
US Dollar Index Higher to Start the Week
US dollar index is higher today. As the week begins, greenback is showing some strength, although it is lower against some individual currencies, like the euro. Dollar index is higher today, with the greenback mostly higher against its major counterparts, as Forex traders contemplate the possible end to quantitative easing. Nonfarm payrolls data showed a modest gain in jobs for May, and other signs that the US […]
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June 102013
Krona Falls as Swedish Industrial Production Declines
The Swedish krona fell today as industrial production unexpectedly declined in April, putting pressure on the central bank to cut interest rates. Statistics Sweden reported that industrial production fell 0.5 percent in April on a seasonally adjusted basis. The annual decrease was at 0.8 percent. Market participants have hoped for an increase by 0.7 percent. The Riksbank kept rates unchanged on its last meeting, but today’s data suggested that an interest rate […]
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June 102013
Indian Rupee Drops to Record Low
The Indian rupee dropped today to the record low against the US dollar today on concerns that the US Federal Reserve will remove monetary stimulus. Last week’s US non-farm payrolls boosted the dollar against other currencies, including the rupee. The weakening currency may lead to an increase of the Indian current account deficit. The rupee fell below the previous record low of 57.3275 set in June 2012. USD/INR jumped from 57.0655 to 57.9550 […]
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