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Day: July 31, 2013
July 312013
Mexican Peso Weakens on Fed Tampering Concerns
The Mexican peso declined today as worries that the US Federal Reserve may trim its asset-purchase program made investors unwilling to keep riskier currencies of emerging nations. Traders are worried that signs of stable economic growth may encourage the Fed to cut its monetary stimulus. Such worries hurt currencies of emerging markets and the peso was the worst performer among Latin American currencies today. The currency was still […]
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July 312013
Ringgit Falls as Traders Sell Malaysian Bonds
The Malaysian ringgit fell today as on concerns about capital outflows and cut of the country’s credit rating. Investors were selling the nation’s bonds as US Treasury yield was rising. Fitch Ratings changed the outlook for Malaysiaâs A- credit rating from stable to negative yesterday. Concerns that traders will pull out their money from the country as the United States prepare to reduce stimulus made the ringgit fall 2.7 percent over […]
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July 312013
Greenback Gains on ADP and GDP
US dollar is heading higher today, gaining ground as the latest economic data adds to the speculation that the Federal Reserve could begin tapering its asset purchase program sooner rather than later. With private payrolls increasing and with the news that GDP rose in the second quarter of 2013, it looks like the US economic recovery is rolling forward. Greenback is higher against its major counterparts […]
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July 312013
Euro Continues to Struggle a Bit Against the US Dollar
Euro continues to struggle a bit against the US dollar today, even after the latest unemployment release in the eurozone. Signs that a muted recovery might come into play during the last part of 2013 are not quite enough for the 17-nation currency to log gains against the greenback right now. For the first time in more than two years, unemployment in the eurozone has fallen. Eurostat reports that 24,000 fewer people in the eurozone […]
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July 312013
EUR/USD Rises as Fed Keeps Stimulus Intact
EUR/USD climbed today as the Federal Reserve did not mention stimulus reduction. What is more, the central bank hinted that accommodative policy will remain for a long time. Most of today’s data was good though, suggesting that the economy can survive without excessive stimulus. Still, the Fed statement overshadowed other reports. ADP employment growth was at 200k in July, almost unchanged from the previous month’s 198k […]
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July 312013
CAD Soft as Traders Nervously Wait for Fed Statement
The Canadian dollar was soft ahead of the US Federal Reserve policy meeting. Traders speculated that the Fed may give hints about details of quantitative easing tampering. Market participants are afraid of QE reduction as it will likely hurt prospects for export-oriented economies. The Canadian dollar, being a commodity-related currency, is vulnerable to such fears. Yesterday’s drop of oil prices by as much as 1.4 percent did not help the loonie […]
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July 312013
Pound Slumps Ahead of Central Banks’ Meetings
The Great Britain pound slumped today ahead of central banks’ meeting this week on speculations that UK policy makers will keep stimulus in place to maintain momentum of economic growth. Bank of England policy makers will gather on August 1. The central bank released a very strong statement after the last meeting, suggesting that there likely be no additional stimulus. Such prospect boosted the sterling, which now […]
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