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Day: August 7, 2013
August 72013
Franc Gains Despite Unfavorable Data
The Swiss franc gained today even as fundamentals were not supportive for the currency, suggesting that the central bank will keep the cap on the currency intact. The franc lost to the Japanese yen during the current session. Consumer sentiment fell from -5 to -9 in July instead of improving to -2 as economists have hoped for. The Consumer Price Index fell by 0.4 percent last month, in line forecasts. Consumer prices rose 0.1 percent […]
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August 72013
Canadian Dollar Sinks on Surprisingly Bad Fundamentals
The Canadian dollar slumped today as macroeconomic reports were abysmal, frustrating Forex market participants who have counted on much better data. Concerns about possible quantitative easing tampering by the US Federal Reserve added to the weakness of the currency. Building permits shrank 10.3 percent in June from May, demonstrating the first decline in six months. The Ivey Purchasing Managers’ Index edged down from 55.3 in June to 48.4 in July instead […]
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August 72013
UK Pound Gains After BOE Policy Explanation
UK pound is heading higher today, gaining ground against major counterparts after yesterday’s drop. The latest news from the Bank of England is helping the pound against other currencies. Earlier today, the Bank of England offered some specific guidance about its monetary policy going forward. New BOE Governor Mark Carney said that the current record-low lending rate would remain in place until unemployment […]
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August 72013
Euro Pares Earlier Gains as Fed Tapering Fears Hit Markets
Euro was trading at a high not seen for almost seven weeks against the US dollar earlier, but much of that is gone now. Euro is just barely hanging on against the greenback right now, and has slipped against the pound. Even with the latest factory orders from Germany, the euro can’t overcome talk about Fed tapering. German factory orders rebounded in June, and that provided some optimism […]
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August 72013
Yuan Gains as Investors Hope for Higher Convertibility
The Chinese yuan advanced today after the central bank raised the reference rate and as traders hoped that the government will make the nation’s capital markets more open to foreign investors. The People’s Bank of China boosted the yuan’s daily fixing 0.04 percent to 6.1726 per dollar. The State Administration of Foreign Exchange said that the nation aims at higher capital-account convertibility, which should increase international usage of the currency. The yuan was the only […]
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August 72013
Yen Gains as BoJ Starts Policy Meeting
The Japanese yen rose today as the Bank of Japan has started two-day policy meeting. Forex market participants do not expect any changes to monetary policy and this bolster the currency. The BoJ started policy meeting today and will announce its decision tomorrow. The government and policy makers were making serious statements about weakening the yen earlier, leading to the 11 percent decline of the currency this year. Yet now it […]
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August 72013
EUR/USD Extends Gains on German Industrial Production
EUR/USD extended its rally for the second session today as data from Europe was positive yet again. German industrial production expanded as much as 2.4% in June, compared to the forecast of 0.3% (event A on the chart). At the same time, the US data was not as good as was expected. Crude oil inventories decreased by 1.3 million barrels last week, matching forecasts. Total motor gasoline inventories increased by 0.1 million barrels. (Event […]
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August 72013
Pound Drops Even as Economic Data Points at Recovery
The Great Britain pound dropped today even persistently good macroeconomic data proves that recovery is gaining traction. This did not help the currency however, which are falling down after a short rally. The Halifax House Price Index rose 0.9 percent in July. Industrial production grew 1.1 percent and manufacturing production expanded 1.9 percent in June. All economic reports were good, but the sterling […]
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August 72013
Dollar Gains as QE Reduction Speculations Do Not Recede
The US dollar appreciated today as traders continued speculate that positive fundamentals will encourage the Federal Reserve to reduce pace of asset purchases despite poor non-farm payrolls. The currency weakened against the Japanese yen. Institute for Supply Management reported that non-manufacturing Purchasing Managers’ Index jumped from 52.2 percent in June to 56.0 percent in July, while the median forecast was at 53.2 percent. The US trade balance deficit shrank […]
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