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Day: September 3, 2013
September 32013
US Dollar Rallies on Positive Fundamentals, Gains Small
The US dollar rose today as fundamental reports were good, supporting the case for the Federal Reserve to reduce monetary stimulus. The gains were not big, though, and the greenback actually retreated against some currencies, including the Great Britain pound and the Australian dollar. As was expected, the US currency was relatively strong and macroeconomic data were helping it. The Institute for Supply Management manufacturing Purchasing Managers’ Index was up a little from […]
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September 32013
Growing Swiss Economy Does Not Help Franc
The Swiss franc dropped today, falling for the second consecutive day even as last quarter’s economic growth of Switzerland was above economists’ expectations. The weakness was likely caused by signs that the central bank will maintain the cap on the currency for a long time. Swiss gross domestic product expanded 0.5 percent in the second quarter of 2013, beating the forecast of 0.3 percent. The report said: As in the previous quarters, positive contributions to growth came primarily […]
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September 32013
GBP Rallies as Recovery Proceeds, Has Hard Time Maintaining Rally
Fundamental data from the United Kingdom continued to be good, adding to evidences of economic growth. It supported the Great Britain pound, which rallied today, but currently has troubles maintaining gains. The sterling remains higher versus the Japanese yen, but retreated against the US dollar as of now. The manufacturing Purchasing Managers’ Index advanced from 54.8 in July to 57.2 in August, the highest level in two-and-a-half years, while output and new […]
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September 32013
Canadian Dollar Heads Higher as Syria Cools Down
Canadian dollar is getting a little boost against its major counterparts today, gaining ground as concerns about what’s happening in Syria ease a little. Additionally, Forex traders are waiting for information on policy from the Bank of Canada on Wednesday, as well as August employment data slated to be released on Friday. Loonie is getting a little help today, heading higher as concerns about Syria ease. Worries about imminent US […]
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September 32013
Euro Heads Lower on ECB Expectations
Euro is mostly lower today, struggling as ECB expectations keep the 17-nation currency down. The currently-low rates are expected to continue, with the announcement coming later this week. All eyes are on central banks this week as Forex traders await decisions and statements from policymakers. One of the banks that will be spotlighted this week is the European Central Bank. However, expectations for the ECB are that things […]
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September 32013
EUR/USD Drops for Fifth Straight Session
EUR/USD dropped today for the fifth straight trading session as US data was good, supporting speculations about possible quantitative easing tampering this month. The Federal Reserve will announce its decision on September 18. This week’s nonfarm payrolls should have a big impact on the decision. ISM manufacturing PMI rose a little from 55.4% in July to 55.7% in August instead of falling to 54.2% as was expected. (Event A on the chart.) Construction […]
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September 32013
Aussie Advances as RBA Does Not Mention Interest Rate Cuts
The Australian dollar advanced today after the Reserve Bank of Australia left interest rates unchanged and did not mention potential interest cut in its statement. The RBA left its key interest rate at 2.5 percent at today’s meeting. The central bank said: Recent information is consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year. The statement was […]
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September 32013
Currency Cap Stays as Long as Needed, Swissie Drops
The Swiss franc fell yesterday and maintained losses today as central bank’s Vice President Jean-Pierre Danthine indicated that the cap on the currency stays as long as the economic situation warrants. The currency managed to register gains versus the Japanese yen. Danthine said: The cap isnât there forever — it is there as long as it corresponds to monetary conditions. Earlier, Swiss National Bank President Thomas Jordan that said he sees no […]
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