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Day: June 28, 2013
June 282013
Pound Ends Trading Mixed
The last trading session of this week was mixed for the Great Britain pound. It fell versus the US dollar, rose against the Japanese yen and trimmed the drop versus the euro. The sterling felt downside pressure from speculations that the Bank of England will leave the monetary policy extremely accommodative for the time being. Indeed, David Miles, a member of the Monetary Policy Committee, defended the current asset-purchase program. He said: I do not […]
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June 282013
Canadian Dollar Falls as GDP Growth Slows
The Canadian dollar dropped today as nation’s economic growth slowed, leading to speculations that the central bank will not be able to tighten the monetary policy in the near future. The currency managed to advances versus the Japanese yen. Canadian gross domestic product expanded 0.1 percent in April, slower than in March (0.2 percent). It was the fourth consecutive monthly increase. The slowdown made investors question if the Bank of Canada has […]
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June 282013
US Dollar Makes Its Move
US dollar is making its move. After heading lower against some of its major counterparts, notably the euro, greenback is heading higher again as uncertainty takes hold and risk aversion sets in. The dollar index is heading higher, the greenback is up against all of its major counterparts. With risk assets heading lower, the US dollar is finding support as a safe haven. Earlier, the greenback […]
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June 282013
Euro Gains as Summit Ends, Federal Reserve Supports Stimulus
Euro is gaining ground today, heading higher, even though there are still deep issues that need sorting out in the eurozone, and even though a measure of contraction is still expected for the 17-nation currency region. After a bit of a choppy week, euro is heading a little bit higher today against its major counterparts. At the conclusion of a summit meant to address youth unemployment, eurozone policymakers are congratulating themselves […]
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June 282013
Forint Rises, Heads to Quarterly Gain
The Hungarian forint advanced today as the nation’s current-account balance posted bigger surplus in the last quarter than was expected by specialists. The Hungarian current account posted an excess of â¬549 million in the first quarter of 2013. The forecast was at â¬125 million. The forint was the only currency among currencies of emerging markets that demonstrated a rally in the second quarter of this year. USD/HUF declined from 226.9200 to 225.7800 as of 12:23 GMT today, falling from […]
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June 282013
Russian Ruble Rises at End of Worst Quarter in Year
The ruble appreciated today as prices for Brent grade of crude oil rose and exporters were buying the currency to pay taxes. Futures for Brent crude rose 0.03 percent to $102.85 per barrel today. Russian companies pay taxes today, therefore they had to convert their earnings in the local currency, increasing demand for the ruble. The Russian currency was heading to a 5.4 percent drop in the quarter, the worst quarterly decline in a year. USD/RUB fell […]
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June 282013
EUR/USD Gains on Positive European Reports, Erases Rally Later
EUR/USD advanced today after a set of positive reports from Europe was released. The currency pair gave away gains later. Macroeconomic data from the United States was mixed. The Chicago PMI came out worse than was expected, but the University of Michigan Sentiment index showed only small change according to the revised estimate, while the preliminary reading was demonstrating a noticeable decline. Chicago PMI dropped from […]
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