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Day: July 3, 2013
July 32013
Indian Rupee Heads to Record Low
The Indian rupee fell today, heading to a record low, as capital outflows from the country led to concerns that the huge current-account deficit may widen even more. Overseas funds sold a net $7.1 billion of Indian assets as investors were worried about possible tampering of stimulus by the Federal Reserve. Today’s positive employment data from the United States reinforced such worries. India’s current-account shortage reached the record 4.8 percent […]
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July 32013
Aussie Fails to Rally on Stevens’ Comments
The Australian dollar attempted to rally today on positive macroeconomic reports, but failed because of comments of central bank’s leader, who said that the currency may depreciate. The Australian trade balance surplus widened from A$0.17 billion in April to A$0.67 billion in May on a seasonally adjusted basis, beating the forecast $0.05 billion. Retail sales rose 0.1 percent in May following the drop by the same rate in April. Yet the data did not […]
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July 32013
Japanese Yen Surges on Safe Haven Demand
Uncertainty is once again taking hold of the markets, and Forex traders are looking for a safe haven. As a result, it is little surprise that the Japanese yen is surging higher today. Safe haven demand is driving the Japanese yen higher today, resulting in gains against major counterparts. Uncertainty surrounding key regions in the world is resulting in increased demand for the yen. Right now, there are worries about […]
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July 32013
Euro Struggles to Overcome Earlier Losses
Euro is struggling to overcome earlier losses today, thanks to concerns about the periphery, sparked by the latest news out of Portugal. While the euro hit a five-week low against the US dollar earlier in the session, the 17-nation currency is struggling back toward the break-even point, paring its earlier losses. The latest news out of Portugal includes political tension as the prime minister has refused to accept the attempted resignation of the foreign minister. Other […]
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July 32013
EUR/USD Drops on Data & Portugal, Erases Losses
EUR/USD dropped today on weak economic data from Europe and political turmoil in Portugal. Yet the currency pair rebounded later even as reports from the United States were good. Today’s employment report was better than expected, giving hope that Friday’s nonfarm payrolls will be positive too. ADP employment came out at 188k in June, better than the expected 161k and above the previous reading of 134k. (Event […]
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July 32013
Dollar Traders Near Highest in Month amid Hopes for Employment Growth
The US dollar traded near the highest level in a month as Forex market participants hope that this week’s employment reports will show stable growth, giving the Federal Reserve an excuse to reduce monetary stimulus. Analysts predict that today’s ADP employment report will show an increase by 161,000 jobs. Non-farm payrolls grew at the same rate last month according to forecasts. The unemployment rate should fall by 0.1 percentage point […]
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July 32013
Pound Maintains Gains vs. Euro & Yen, Stays Soft vs. Dollar
The Great Britain pound rallied versus the euro and the Japanese yen yesterday and maintained gains today as the construction sector expanded last month. The currency remained weak versus the US dollar. The Markit/CIPS UK Construction Purchasing Managersâ Index was at 51.0 in June. It was a bit below the forecast of 51.3, but higher than the May’s reading of 50.8. The data suggested that Britain’s economy is on path of stable growth. Not everyone […]
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