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Day: June 25, 2013
June 252013
CAD Loses to USD as Data Suggests Stimulus Reduction Possible
The Canadian dollar continued to fall against its US counterpart today as macroeconomic data suggested that the Federal Reserve will be able to tamper its stimulus program. The currency was a little higher versus the euro and flat against the Japanese yen. Virtually all US economic reports were good today. Such positive data can encourage the Fed to start trimming its asset purchases soon. This prospect is […]
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June 252013
Swedish Krona Firm Despite Falling Producer Prices
The Swedish krona rose today even as producer prices fell last month, supporting the view that lower interest rates are necessary. Statistic Sweden reported that the Producer Price Index fell 0.1 percent in May from April. The drop was much slower than the April’s 1.1 percent. It is interesting to see that the currency is rising despite the poor report, while earlier it was falling […]
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June 252013
US Dollar Gains on Durable Goods Orders
Greenback is heading higher today, thanks in large part to the latest durable goods orders. The improvements in the US economy indicate that the Federal Reserve’s decision to begin tapering bond purchases in the relatively near future was the right call. Ben Bernanke has long said that improving economic data â especially in the realm of jobs â would dictate when the Federal Reserve begins reducing its quantitative easing efforts. The latest announcement […]
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June 252013
Euro Drops After Earlier Rise
Euro saw some gains earlier, but those have been largely erased as the 17-nation currency heads lower on the reality that banking union plans are far from being settled, and as durable goods orders in the United States rise. Euro looked for some gains earlier today, rising following last week’s dollar strength. However, the gains for the 17-nation currency were short-lived as concerns about what’s next for the eurozone, and better […]
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June 252013
EUR/HUF Rises After Rate Cut Before Retreating, USD/HUF Stays Lower
The Hungarian forint fell against the euro today as the central bank cut interest rates in order to facilitate economic growth, but has recovered as of now. The currency managed to advance versus the US dollar, but has trouble keeping gains. The Magyar Nemzeti Bank reduced its main interest rate by 25 basis points to 4.25 percent today. The bank explained its decision: The Monetary Council has reduced the level of the central bank […]
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June 252013
Positive Data Backs Up Case for Smaller Stimulus, EUR/USD Drops
EUR/USD dropped today following yesterday’s advance (the first gain after three sessions of losses) as all reports from the United States were good. Positive data supports the view that the Federal Reserve can reduce its monetary stimulus this year without hurting economic growth. Traders wait for tomorrow’s GDP report that may have a significant impact on the central bank’s future decisions. Durable goods orders grew […]
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June 252013
CAD Near Lowest in Two Years vs. USD on Poor Market Sentiment
The Canadian dollar was among many losers that have suffered from the negative sentiment on the Forex market after the US Federal Reserve speculated about possible reduction of asset purchases. The currency fell to almost two-year low against the US dollar. The market is still feeling impact of the Fed’s comments even as some politicians and economist argued that the reaction was excessive. Prices for raw materials dropped adding to suffering of commodity […]
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June 252013
Yen Halts Decline, Unable to Rally
The Forex market sentiment stayed in the risk-aversion mode, but it did not help the Japanese yen to rally. The currency halted its decline though. Prospects for an early reduction of stimulating measures by the US Federal Reserve spooked traders and made them seek safety. Fear of slowing growth in China did not improve the mood at all. Most markets came crashing down, sparking demand for safety. The current market conditions are friendly […]
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