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Day: July 23, 2013
July 232013
Canadian Retail Sales Make Loonie Rally
The Canadian dollar rose today as May’s retail sales beat forecasts, giving hope that the nation’s economy will continue to improve and policy makers will raise interest rates eventually. Just one important report from Canada was scheduled for this week and it came out very positive. Retail sales were up 1.9 percent in May, compared to the forecast of 0.4 percent. Core sales (retail sales excluding […]
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July 232013
Weak Manufacturing Data Weighs on US Dollar
Once again, economic data indicates that things in the United States are far from certain. As a result, the US dollar is down against many of its counterparts today. The culprit in this case appears to be the latest manufacturing data. The Richmond Federal Reserve reports on the manufacturing performances in the mid-Atlantic and the upper Southeast regions of the United States, and the latest data is somewhat disappointing. The performance measure for July shows that there is […]
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July 232013
Consumer Confidence Data Helps Euro
The latest consumer confidence data out of the eurozone indicates that the recession might be coming to an end. This is good news for many who are hoping that the 17-nation currency region will pick up a bit so that it can truly leave the sovereign debt crisis behind. For now, the news has resulted in gains for the euro. Euro is higher almost across the board today, strengthening as the latest consumer […]
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July 232013
Gains of Commodities Make NZ Dollar Stronger
The New Zealand dollar advanced today as risk appetite on markets helped riskier assets, driving commodities higher and increasing the appeal of growth-related currencies. Gold reached the highest level in a month and iron ore was at the highest since April yesterday. The Thomson Reuters/Jefferies CRB Index of commodities closed at the highest rate since May 9. The export-oriented economy of New Zealand depends on prices for raw materials, making its currency stronger when the prices […]
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July 232013
Yuan Gains as Chinese Officials Promise Growth Will Not Slow
The Chinese yuan rallied today as officials’ comments about economic growth improved the traders’ sentiment and attracted them to nation’s assets. Chinese premier Li Keqiang expressed an opinion that growth will not slow below the 7 percent level and even if it decelerate below this mark the government will step in to support the economy. Vice Premier Zhang Gaoli said that the government is going to expand infrastructure and social […]
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July 232013
EUR/USD Continues to Demonstrate Strength
EUR/USD continued to demonstrate admirable performance, rallying for the third straight session and reaching the highest level in a month. The dollar remains soft (though it was attempting to rebound versus some currencies) on speculations that the Federal Reserve will maintain quantitative easing in the near term. Today’s data supported such view, suggesting that the US economy has some problems, as manufacturing unexpectedly declined this month. Richmond Fed manufacturing index […]
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