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Day: August 1, 2013
August 12013
Czech Koruna Rises Depsite Prospects for Intervention from Central Bank
The Czech koruna gained today even as the central bank signaled that it may intervene to weaken the currency and spur inflation. The central bank left interest rates near zero at yesterday’s meeting. The Czech National Bank kept its main interest rate at the technical zero (0.05 percent) yesterday. With near-zero borrowing costs, the bank has no room for rate cuts and may resort to intervention to prevent further inflation deceleration, […]
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August 12013
US Dollar Maintains Its Strength in the Midst of Risk Appetite
Even though risk appetite appears to be on the rise today, the US dollar is gaining ground. Greenback is heading higher as investors and others look to the future of possible Fed tapering, and compare the US economic recovery to the situations in other countries. Yesterday, the Federal Reserve concluded a two-day meeting without offering any clues about when it will begin tapering. Initially, this led to a rather dramatic drop for the greenback. However, […]
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August 12013
Japanese Yen Drops as Funds are Moved Overseas
Japanese yen is heading lower today, dropping against its major counterparts, as Japanese investors purchase overseas bonds and as the data out of China turns out to be better than expected. The Japanese yen is lower across the board today as risk appetite makes a serious comeback and as Japanese investors send their money overseas. With Asian stocks surging, and the Nikkei closing above 14,000, it is little surprise […]
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August 12013
EUR/USD Dips as ECB Holds Rates
The euro sank against the US dollar after the European Central Bank maintained interest rates and suggested that monetary policy will remain accommodative for a long time. The currency managed to gain against some other majors, including the Japanese yen and the Swiss franc. The ECB kept its main interest rate at 0.5 percent. Comments of President Mario Draghi after the policy meeting were fairly dovish: Underlying price pressures in the euro […]
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August 12013
Pound Climbs as BoE Maintains Policy & Manufacturing Expands
The Great Britain pound jumped today after the Bank of England left its monetary policy unchanged and as manufacturing expanded in July faster than was expected by market participants. The BoE announced today that its policy remains the same: The Bank of Englandâs Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance […]
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August 12013
EUR/USD Sinks as Draghi Promises Interest Rates to Remain Low
EUR/USD sank today after European Central Bank President Marion Draghi left interest rates unchanged and suggested that they will remain low for a long time. Coupled with some positive data from the United States, the currency pair had no choice but to go down. Seasonally adjusted initial jobless claims fell from 345k to 326k last week. Analysts did not expect any change. […]
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August 12013
CAD Rises vs. JPY on Positive Fundamentals, Falls vs. USD
The Canadian dollar rose against the Japanese yen today as positive fundamentals may encourage policy makers to tighten monetary policy. At the same time, the currency weakened against the US dollar. Signs of economic growth in Canada reinforce the case for the Bank of Canada to remove part of monetary accommodation. Good news from the United States, the biggest trading partner of Canada, added to the chances of stimulus reduction and the strength of the loonie. Traders should take into account […]
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August 12013
Fed Keeps Stimulus, Dollar Remains Firm
The US dollar gained today, paring yesterday’s loss versus the euro, even as the Federal Reserve promised to maintain stimulus for a long time. The rise can be explained by macroeconomic data that supported the case for stimulus reduction. The Fed kept its monetary policy unchanged yesterday. Such decision was expected, but traders were anticipating that the central bank will hint on quantitative easing tampering. Instead, the Federal Open Market […]
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