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Day: July 30, 2013
July 302013
US Dollar Index Moves Off Recent Lows
US dollar index moved off a recent low as the greenback begins showing signs of strength against its major counterparts. With earlier losses pared and the dollar up on the day, speculation about what’s next is running wild. US dollar bounced off recent lows against its major counterparts today, heading higher and bringing the dollar index up. Forex traders are waiting with interest as the Federal Reserve’s […]
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July 302013
Aussie Drops on Possibility of a Rate Cut
Easing is an official part of Australian monetary policy right now, and that is causing a drop for the Aussie. The Australian dollar is losing ground against its major counterparts as RBA officials reiterate a position friendly to further easing. Earlier, the Governor of the Reserve Bank of Australia, Glenn Stevens, spoke about the possible need for continued monetary easing. Citing the idea that recent rate cuts were working to help stabilize the economy, […]
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July 302013
EUR/USD Advances, Struggles to Keep Gains
EUR/USD advanced today, but currently it is moving down. The rally followed the better-than-expected consumer confidence report from Germany. (Event A on the chart.) The currency pair has trouble maintaining gains even though data from the United States was disappointing. S&P/Case-Shiller home price index rose 2.4% to 156.14 in May from April. The annual was at 12.2% in May, compared to 12.1% in April and the consensus forecast of 12.4%. (Event […]
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July 302013
Euro Firm on German Consumer Confidence & Bailout for Greece
The euro was firm today as German consumer confidence improved this month and the International Monetary Fund approved another tranche of bailout for Greece. The IMF approved the â¬1.7b for Greece’s bailout after completing the review. Christine Lagarde, the IMF Managing Director, voiced concerns about slow pace of reforms: Given the slow progress in public administration reforms, efforts should focus on ensuring exit of unqualified personnel to create room to hire new staff […]
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July 302013
Yen Drops with Industrial Production
The Japanese yen fell today as industrial production declined last month, increasing possibility of additional monetary easing from the central bank. Losses were limited as unemployment shrank more than was expected. According to the preliminary report, industrial production contracted as much as 3.3 percent in June on a seasonally adjusted basis, compared to the predicted decline of 1.4 percent. Such data gives incentive for the Bank of Japan to pursue accommodative policy. The unemployment rate […]
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July 302013
CAD Lower vs. USD & EUR as Oil Falls, Higher vs. JPY
The Canadian dollar fell today against its US peer and the euro as crude oil prices went down. At the same time, the currency managed to rise against the Japanese yen on speculations that Canadian economic growth accelerated May. Futures for crude oil fell 0.28 percent to $104.26 per barrel today. Crude is Canada’s biggest export and its decline hurts the Canadian currency. Still, the negative impact is not that […]
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July 302013
Dollar Heads to Monthly Loss as Fed Meets
The dollar gained today, but was heading to monthly loss as speculations that the Federal Reserve will keep its monetary stimulus hurt the currency. Analysts predicted that today’s report will show slowdown of US economic growth from 1.8 percent in the first quarter of 2013 to 1.1 percent in the second quarter. The Fed has started its policy meeting yesterday and will conclude it today. No major changes to the policy […]
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