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Day: June 20, 2013
June 202013
Franc Stronger After SNB Meeting
The Swiss franc rose today after the central bank left its monetary policy unchanged, keeping the cap on the currency intact, but refraining from any unconventional measures to spur growth. The Swiss National Bank left its interest rates near zero and the franc’s ceiling at 1.20 per euro. Chairman Thomas Jordan explained the necessity of the cap at the press conference after the announcement: An appreciation of the Swiss franc would compromise price stability […]
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June 202013
Bernanke Announcement Prompts US Dollar Rally
Yesterday’s policy announcement from the Federal Reserve is boosting the US dollar today as Forex traders look to the removal of a drag on the currency. Yesterday, the Federal Reserve’s FOMC completed a two-day policy meeting and Fed Chair Ben Bernanke described the policy decision from the body. Bernanke said that if the economy continues to improve, the Fed could begin tapering its asset purchase program by the end of this year, and that quantitative easing […]
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June 202013
Japanese Yen Weakens Against Major Counterparts
Japanese yen is weaker today, dropping against its major counterparts as domestic news weighs on performance. Additionally, USD/JPY is extending gains on the latest news out of the United States. Japanese yen is heading lower today against its major counterparts as weakness shows through. Part of the difficulty is the aggressive easing being practiced by the Bank of Japan at the behest of Prime Minister Shinzo Abe. However, other factors are […]
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June 202013
Aussies Falls with China’s Manufacturing PMI
The Australian dollar touched the lowest level in more than two years against its US peer today as China’s manufacturing slowed more than was expected and the US Federal Reserve signaled that it may tamper its quantitative easing later this year. The HSBC Flash China Manufacturing Purchasing Managersâ Index fell from 49.2 in May to 48.3 in June. Market participants have anticipated a small increase to 49.4. […]
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June 202013
NZD/USD Sinks as New Zealand GDP Trails Forecast
The New Zealand dollar reached a lowest level in a year against its US peer today as nation’s economic growth slowed last quarter more than was expected. The currency managed to rise against the Japanese yen though. New Zealand’s gross domestic product expanded 0.3 percent in the first quarter of 2013, with much slower rate of growth than the previous quarter’s 1.5 percent. Analysts have hoped for an increase by at least […]
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June 202013
EUR/USD Extend Drop for Second Session
EUR/USD extended its yesterday’s drop for the second session today as Forex market participants are still tries to swallow the comments of US policy makers. The data was mixed as the robust housing data and the unexpected expansion of manufacturing did not help the leading index to rise much. What is even more important, unemployment claims rose yet again, suggesting that stable employment growth was not reached yet. This […]
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June 202013
Swedish Krona Falls Despite Good Macroeconomic Indicators
The Swedish krone fell today even though macroeconomic indicators showed that the nation’s economy is improving, reducing chances for an interest rate cut by the Riksbank. Statistics Sweden reported that the unemployment rate fell from 8.7 in April to 8.2 percent in May. According to the National Institute of Economic Research, the consumer confidence index rose from 97.7 last month to 98.2 in June. Confidence in most other sectors, including manufacturing, also […]
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