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Day: August 29, 2013
August 292013
Indonesian Central Bank Raises Interest Rates, Rupiah Up
The Indonesian rupiah advanced today as the nation’s central bank made a surprise move, raising the main interest rate. The Indonesian central bank joined central banks of other emerging economies in an effort to support domestic currency. The Bank Indonesia boosted its benchmark interest rate by 50 basis points today. The decision was a surprise, not least because the policy meeting was unscheduled. Previously, traders were worried that the central bank […]
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August 292013
Swiss Franc Weakens Despite Risk Aversion & Signs of Recovery
The Swiss franc dropped today even amid risk aversion on the Forex market and signs of economic revival in Switzerland. One might argue that the currency made a big move on Tuesday and now just stabilizes. Swiss employment demonstrated stable growth in the second quarter this year. The currency cap instituted by the Swiss National Bank attracted funds to Swiss companies. Yet the franc performed not as well as should under the circumstances. Perhaps, it […]
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August 292013
UK Pound Gets Help from Mark Carney
UK pound is getting a little help today, thanks to BOE Governor Mark Carney’s comments yesterday. While the pound is struggling against the US dollar, it is higher against the euro and the yen today. Yesterday, making his first official policy statement as the Governor of the Bank of England, Mark Carney said that it wasn’t reasonable to expect that they could devalue into prosperity. This statement is […]
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August 292013
Euro Drops on Economic Data, Syria Worries
Euro is lower today, dropping as economic data weighs on the 17-nation currency, and as concerns over Syria increase risk aversion. Euro is heading lower almost across the board, with Greece being pressured to sell assets and uncertainty over the geopolitical situation. Concerns about the eurozone are on the rise again, thanks in part to the lackluster economic data. Even though there has been economic improvement in the eurozone, things aren’t improving […]
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August 292013
EUR/USD Slumps as US Economy Expands, Jobless Claims Fall
EUR/USD sank today, extending yesterday’s losses, as the US economy expanded faster than was expected, while unemployment claims declined. The situation with Syria continued to push the currency pair down too, making the dollar more appealing than the euro in the environment of risk aversion. GDP growth accelerated to 2.7% in the second quarter of 2013 from 1.1% in the first quarter, according to the preliminary (second) estimate. The forecasts were at 2.2% and the advance (first) […]
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August 292013
Brazilian Real Advances as Central Bank Supports Currency
The Brazilian real advanced today as the nation’s central bank signaled about an intervention to help the weakening currency. The announcement managed to outweigh the negative market sentiment that was hurting currencies of emerging economies. The Banco Central do Brasil announced a $60 billion intervention program last week. The currency did not react immediately, but has rallied 3.8 percent since the announcement. Perhaps, traders just needed some time to digest […]
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August 292013
Dollar Strong on Syria
The US dollar jumped against the euro yesterday and continued to rise today as the prospects for war in Syria continued to drive investors to safer currencies. The greenback halted the rally against the yen and was retreating versus the Great Britain pound. The situation in Syria continues to cause wide-spread risk aversion on markets. The Middle Eastern country used chemical weapons last week. The United States threatened to attack in response and it is expected that the NATO will also […]
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