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Day: June 12, 2013
June 122013
Positive Fundamentals Do Not Support Loonie
The Canadian dollar dropped today against other most-traded currencies even though fundamentals were supportive for the loonie. Earlier, the Canadian currency advanced against the US dollar and the euro, but erased its gains later. One of the reasons for the drop of CAD could be concerns that central banks across the world will stop introducing stimulating measures. USD dropped despite speculations about an end to quantitative easing, but still managed […]
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June 122013
Dollar Falls as Traders Still Anticipate End of QE
The US dollar fell today as Forex market participants continued to anticipate that the Federal Reserve will tamper its stimulus program amid signs of recovery. The Dollar Index dropped 0.4 percent to 80.827. It was the lowest level on a closing basis since February 19. Some analysts point out that employment growth is not stable enough to consider the recovery to be possible even without stimulus. Yet most […]
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June 122013
Aussie Gets Boost from Consumer Sentiment
Aussie is getting a bit of a boost today, thanks to improvement in consumer sentiment. Australian dollar is gaining against the US dollar as questions about what’s next for the US dollar continue, and as the situation shows improvement Down Under. The Westpac/Melbourne Institute just released its consumer sentiment reading for June, and the result was a sizable increase. The index rose to 102.2 points, which puts consumer sentiment above the 100-point level that is […]
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June 122013
Euro Struggles After Industrial Production Report
Euro is struggling today, heading lower after the latest industrial production report for the eurozone. Concerns about what’s next for the 17-nation currency are still extent, and that is dragging on performance today. Eurostat reports that industrial production for the eurozone rose 0.4 per cent in April from the previous month. However, the year-over-year data for April still shows a drop. Additionally, even though the reading surprised to the upside, when the overall […]
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June 122013
Yen Gives Away Gains, Retains Part of Its Strength
The Japanese yen gave away some of its yesterday’s gains on speculations that the gains were too big. Additionally, there was an opinion that the Bank of Japan will add stimulus later, driving the currency down. The BoJ refrained from easing its monetary policy further yesterday, leading to an impressive rally of the yen. The currency did not reverse the upward trend yet and actually tries to rebound. The Nikkei index fell, breaking […]
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June 122013
UK Unemployment Claims Fall, Sterling Advances
The Great Britain pound advanced today as the number of Britons seeking unemployment benefits was smaller than analysts have previously estimated, giving evidence that the UK economy is recovering. The number of people claiming Job Seekerâs Allowance fell by 8,600 in May from the prior month, while market participants have anticipated a drop by 6,800. Moreover, the April’s decline was revised from 7,300 to 11,800. As there are less people […]
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June 122013
EUR/USD Rises on Eurozone Industrial Production
EUR/USD advanced today as eurozone industrial production unexpectedly grew in April. (Event A on the chart.) The dollar fell even amid speculations that the US Federal Reserve will scale back its monetary stimulus program, which were weakening the dollar. The euro remained strong after Greece became the first developed country downgraded to the emerging economy status by MSCI. US crude oil inventories increased by 2.5 million barrels last week […]
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June 122013
CAD Rebounds vs. USD, Stays Soft vs. EUR & JPY
The Canadian dollar dropped versus its US peer, but managed to rebound on the previous trading session. The currency stayed near the opening level at today’s session. Meanwhile, the loonie remained soft against the euro and the Japanese yen. The loonie, as the Canadian currency is nicknamed for the image of an aquatic bird on the C$1 coin, fell together with crude oil. Oil is the major Canadian export. Futures for crude declined 0.51 percent to $94.89 per […]
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