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Day: August 22, 2013
August 222013
Contradictory Data Results in Mixed Performance of Dollar
Today’s macroeconomic reports from the United States were contradictory as some of them were suggesting that the US economy experiences stable growth, while others showed problems of the economy. As a result, the US dollar demonstrated mixed performance, retaining gains versus the Great Britain pound and the Japanese yen, but erasing advances against the euro. The Conference Board leading economic index rose 0.6 percent in July after showing no change […]
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August 222013
UK Pound Weakness Likely to Persist
UK pound continues to weaken in Forex trading, thanks to a number of factors. One of the concerns about the pound is that the recent optimism about the economic recovery has been a bit much. Some analysts think that the pound is overvalued, and that it will head lower for the long term. UK pound is lower against the euro and the dollar today, dropping as analysts consider the situation. Pound had received a boost earlier […]
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August 222013
Euro Struggles to Log Gains On Better Economic News
Euro is struggling to log gains against the US dollar today, following improved economic news and a global stock rally. European stocks are heading higher, after a mixed Asian session, and US stocks are preparing for a higher open. Good news out of the eurozone should provide some support to the euro. The latest economic news out of the 17-nation eurozone indicates that things are starting to improve. The flash composite purchasing […]
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August 222013
Aussie Rises with Help from China’s Manufacturing
The Australian dollar managed to rise today paring yesterday’s losses, with help from China’s macroeconomic data that showed an unexpected improvement of the manufacturing sector. Today’s report showed an expansion of manufacturing in China, the biggest trading partner of Australia. The news allowed the Aussie (as the Australian currency is often called) to recover after yesterday’s decline caused by signs of smaller monetary stimulus in the United States. The currency still remains vulnerable due to possibility […]
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August 222013
Yuan Rises as Manufacturing Expands for First Month in Four
The Chinese yuan rose a little today, erasing previous losses, as the manufacturing sector unexpectedly expanded this month, reducing risk aversion caused by yesterday’s Federal Reserve’s policy minutes. The HSBC Flash China Manufacturing Purchasing Managers’ Index rose from 47.7 in July to 50.1 in August. It was the first reading above 50.0 (which indicates expansion) since April. Analysts have predicted an increase to just 48.3. USD/CNY fell […]
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August 222013
EUR/USD Fluctuates on US Economic Data
EUR/USD continued to fall today after yesterday’s decline. The currency pair attempted to reverse the drop after US unemployment claims came out worse than was expected, but retreated again as the Conference Board leading index for the United States increased. Initial jobless claims rose from 323k to 336k last week, while forecasts promised an increase to just 329k. (Event A on the chart.) Leading indicators increased 0.6 percent in July, […]
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August 222013
Loonie Weaker After Fed Minutes, Weakest vs. Euro Since 2011
The Canadian dollar fell yesterday and retained losses today, reaching the lowest level in more than a month against its US counterpart, as signs of stimulus tampering by the Federal Reserve resulted in decline of commodities, which in turn led to drop of commodity currencies. The currency managed to bounce versus the Japanese yen. The minutes of the Federal Reserve policy meeting were the major event this week and traders were waiting for the impatiently. Most currencies related to growth […]
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