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Day: June 26, 2013
June 262013
UK Pound Drops on Weak Economic News
UK pound is heading lower against the US dollar today, dropping as weak economic news weighs. On top of that, it’s not helping that a Bank of England policymaker is publicly calling for more asset purchases to help stimulate the flaggin economy. David Miles, one of the policymakers on the Bank of England’s Monetary Policy Committee, is calling for more asset purchases. The BOE has kept its asset purchases fairly stable […]
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June 262013
Draghi Promises to Remain Accommodative; Euro Drops
Bonds in the euro area are on the rise, and the euro is losing ground, thanks to the latest remarks by Mario Draghi. He’s promised to keep monetary policy accommodative, and that means a lower euro for now. President of the European Central Bank, Mario Draghi, has said that monetary policy will remain accommodative. Many Forex traders are taking that to mean that there is a good chance that the ECB will cut […]
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June 262013
Rand Gains, Remains Vulnerable
The South African rand strengthened today as exporters took benefit of the low exchange rate and converted their earning to the local currency, increasing demand for the rand. Fundamentals are still adverse to the commodity-related currency. The South African economy depends on exports and prices for raw materials were under pressure recently. Prospects for reduction of Federal Reserve’s stimulating measures had very negative impact on the commodity market, putting additional pressure on currencies of export-oriented countries. […]
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June 262013
Rupee Slumps to Record Low
The Indian rupee slumped today as the dollar continued to strengthen on prospects for Federal Reserve’s quantitative easing to end this year. Yesterday’s positive data from the United States added to speculations that the Fed may reduce its stimulus soon. The resulting outflow from stocks and bonds hurt currencies of emerging markets. The rupee was the worst performer among them. USD/INR climbed from 59.6655 to 60.7400 as of 12:36 GMT today, while its […]
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June 262013
EUR/USD Falls Despite Negative Revision of US GDP
EUR/USD extended its drop for the second session today as European Central Bank President Mario Draghi signaled that the monetary policy will remain accommodative to support the struggling economy of the European Union. The currency pair fell even as US GDP received a negative revision. Yet growth was still faster than in the previous period and the dollar remained strong. US GDP expanded 1.8% in the first quarter of 2013, according to the third (final) […]
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June 262013
Yen Drops on Good News from USA & China
The Japanese yen was soft today amid positive macroeconomic reports from the United States and signs that China will take steps to stabilize the banking system. Positive data from the USA boosted the dollar as well as some higher-yielding currencies. The People’s Bank of China injected liquidity to some financial institution and signaled that the monetary policy will be looser after the recent spike in interest rates. The yen dropped against the euro […]
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