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Day: June 18, 2013
June 182013
Real Advances as Central Bank Intervenes
The Brazilian central bank had to intervene to prevent excessive losses of the real. As a result, the currency rallied today. The Central Bank of Brazil sold $4.5 billion on the auction today. Governor Alexandre Tombini said that the central bank will use any tools available, including selling dollars, to reduce volatility of the exchange rate. The intervention helped the currency, which was also rising as the government was loosening capital controls. USD/BRL fell from […]
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June 182013
Hungarian Forint Drops on Tax Increases & Risk Aversion
The Hungarian forint dropped today as domestic concerns added to the general risk aversion sentiment on the Forex market that was caused by the policy meeting of the Federal Reserve. Mihaly Varga, the Minister of National Economy, said yesterday that the government plans to increase some taxes. Investors were worried that higher levies may damage economic growth. Meanwhile, the Fed two-day meeting has started today and Forex traders impatiently await the decision […]
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June 182013
Loonie Down for Third Day on Fed Speculation
Canadian dollar is declining against the US dollar for the third day in a row as the Federal Reserve begins its two-day meeting. The expectation that the Fed could begin reducing its asset purchases is lending strength to the greenback against the loonie. Canadian dollar did get a bit of a boost earlier in anticipation of a speech expected soon from Stephen Poloz, the new governor of the Bank of Canada. However, loonie is losing ground now […]
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June 182013
Yen Weakens as Abenomics Receives G8 Blessing
Japanese yen is weaker today, losing ground as the G8 seems to approve the stimulus measures taken on by Japanese policymakers in an attempt to stimulate the economy. As a result, the yen is weakening today, dropping against its major counterparts. Not too long ago, Japan started an aggressive easing process designed to increase the monetary base and stimulate the Japanese economy, which has been suffering from deflation for about 15 years. Concerns about […]
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June 182013
EUR/USD Rises on Economic Sentiment, Gives Away Gains
EUR/USD rose today on improving economic sentiment in Germany and the whole eurozone. (Event A on the chart.) The currency pair gave away its gains later. Data from the United States was not bad either, especially the sharp advance of New York manufacturing. Housing starts were at the seasonally adjusted annual rate of 0.91 million in May, a bit below the forecast of 0.95 million, but above the April’s 0.86 million. Building permits were […]
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June 182013
RBA Minutes Show Scope for Additional Stimulus, AUD Down
The Australian dollar weakened today as the minutes of last Reserve Bank of Australia policy meeting showed that policy makers thought additional stimulus may be appropriate in the future. The RBA released the minutes of June 4 meeting today. The central bank noted regarding the recent decline of the Aussie: The exchange rate had also depreciated noticeably, though it remained at a high level considering the decline in export prices that had taken place […]
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June 182013
Franc Rises Ahead of SNB Meeting, Loses Part of Gains
The Swiss franc gained a little today ahead of this week’s policy meeting of the Swiss National Bank. The currency trimmed its advance versus the US dollar and the euro as of now, but retained gains against the Japanese yen. The SNB will announce its policy decision on June 20. Chairman Thomas Jordan was talking previously about such unconventional measures as negative interest rates or raising the ceiling for the franc (which now stands […]
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