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Day: September 6, 2013
September 62013
Mexican Peso Firm Even as Central Bank Performs Surprising Rate Cut
The Mexican peso was firm today even after the central bank unexpectedly cut its main interest rate and voiced concerns about domestic economic growth. The currency gained against other majors, including the US dollar and the euro. The Banco de Mexico (the central bank of Mexico) cut its key interest rate by 25 basis points to 3.75 percent today. Such decision was a surprise to the vast majority of market analysts. […]
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September 62013
Canadian Dollar Profits from Amazingly Good Employment Report
The Canadian dollar surged today as the domestic employment report was amazingly good, while poor non-farm payrolls in the United States reduced concerns about stimulus reduction by the US central bank, adding to the strength of the currency. Canadian employers added as much as 59,000 jobs in August after the July’s drop by 39,400. The actual reading was a way above the forecast of 21,200. Moreover, the unemployment rate unexpectedly slipped by 0.1 percentage point to 7.1 percent. […]
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September 62013
Euro Mixed as ECB Considers Lower Rate
Euro is mixed today, thanks to comments made by Mario Draghi following the latest ECB meeting. Concerns about the strength of the economic recovery in the eurozone are weighing on the 17-nation currency. The euro is higher against the dollar and the pound, but lower against the yen. Yesterday, the European Central Bank announced that it would keep the rate at 0.5 per cent. During his remarks, Mario Draghi said that policymakers had […]
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September 62013
Greenback Drops as Jobs Data Pushes Back Taper Expectations
US dollar is lower today, thanks to the latest jobs report. The US economy didn’t add as many jobs as expected in August, and the figures for June and July were revised downward. This development is causing speculation that the Federal Reserve will have to push back its taper expectations. Greenback is lower today, falling against most of its major counterparts, on the latest jobs data. The US economy saw an increase […]
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September 62013
Ringgit Drops on Concerns About Trade Balance
The Malaysian ringgit fell today as concerns about the decline of the nation’s trade and current-account surpluses made traders reluctant to buy the currency. The Malaysian trade balance surplus narrowed from $4.32 billion in June to $2.86 billion in July. The decline led to worries that the current account balance will also worsen. Speculations about possible quantitative easing tampering by the US Federal Reserve added to the weakness of the ringgit. USD/MYR went up from 3.2820 […]
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September 62013
Indonesian Rupiah Drops While Oil Prices Rise
The Indonesian rupiah was soft today as rising oil prices made investors worried that the nation’s trade balance deficit may worsen. Such worries were obviously negative for attractiveness of Indonesian assets. Prices for crude oil were rising on the threat of a war in Syria. This is not good for Indonesia as the country is a net importer of oil. As a result, the rupiah was the worst performer among currencies of emerging markets, falling as much […]
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September 62013
EUR/USD Surges on Poor US Nonfarm Payrolls
EUR/USD surged today after US nonfarm payrolls came out significantly worse than was expected. Moreover, the previous reading received a huge negative revision. Such data decreased likelihood of quantitative easing tampering this month. Nonfarm payrolls grew 169k in August, less than market participants have hoped for — 178k. The July’s growth was revised from 162k to 104k. The unemployment rate unexpectedly slipped by 0.1 […]
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September 62013
NZ Dollar Defies Negative Market Sentiment
The New Zealand dollar managed to reverse yesterday’s losses against its US counterpart today and traded sideways versus the Japanese yen. It was surprising, considering uncertainty about this month’s policy decision of the US Federal Reserve. The Fed conducts its two-day policy meeting on September 17–18. It is expected that the central bank will reduce monetary stimulus and analysts predict that today’s non-farm payrolls should […]
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