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Day: August 21, 2013
August 212013
US Dollar After Fed Minutes: Broadly Stronger
The US dollar climbed today against other currencies as the Federal Reserve signaled that it is planning to reduce the pace of its asset purchases this year. The central bank did not give specific timing for such move, but this did not bother dollar bulls. The Federal Open Market Committee released the minutes of its July meeting today. Did the minutes say anything new? Not really. Did […]
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August 212013
US Dollar Gets Boost Ahead of Fed Minutes
US dollar is getting a boost today, thanks to expectations associated with the upcoming release of the minutes from the last Federal Reserve meeting. Thanks to the latest economic data, some feel that the Fed minutes will show discussion about tapering the asset purchase program. Some think that the minutes will indicate that tapering will come sooner rather than later. The Federal Reserve‘s asset purchase program is […]
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August 212013
Ruble Suffers from Nervousness on FX Market
The Russian ruble was yet another looser today as traders are afraid that the US central bank will tamper its asset purchase program at its September meeting. Such fears made them unwilling to buy risky currencies. The Federal Open Market Committee will release the minutes of its July meeting today. Nervousness on markets hurt assets that are considered to be risky, including crude oil. Brent […]
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August 212013
UK Pound Heads Higher on Improving Economic News
UK pound is heading higher today, gaining against its major counterparts as economic news improves. Sterling bulls are looking for excuses to help the pound, and there is enthusiasm surrounding even second-tier releases right now. Yesterday, the pound struggled against the euro, but now some are beginning to think that might have been profit taking ahead of positions to favor the sterling. Pound is higher against […]
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August 212013
Indian Rupee Falls to Record Low Ahead of Fed Minutes
The Indian rupee fell to the record low today as speculations about possible quantitative easing tampering by the US Federal Reserve were hurting riskier currency of emerging markets. The Fed will release minutes of its last policy meeting today. Traders are concerned that the US central bank will reduce monetary stimulus as soon as the next month and this may lead to slowdown of US and global economic growth. The minutes may confirm […]
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August 212013
FOMC Minutes Boost US Dollar
EUR/USD dropped today after the Federal Reserve released the minutes of its July policy meeting. The minutes actually did not reveal anything new, but the dollar jumped nevertheless. It looks like the US central bank is going to tamper down its asset purchases and traders buy the dollar because of this even though the date for such move is not predetermined. Yet even sharper decline followed the rally […]
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August 212013
Over-Valued NZD Prevents RBNZ from Raising Interest Rates
The New Zealand dollar fell yesterday and extended the decline today as the head of the central bank said that concerns about over-valued currency prevent the bank from raising interest rates. Graeme Wheeler, Reserve Bank of New Zealand Governor, said yesterday: Our exchange rate is over-valued relative to what would be sustainable long-term in the absence of sizeable increases in our terms of trade and productivity. Earlier, he was talking about […]
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