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Day: September 13, 2013
September 132013
Dollar Closes Weaker as US Fundamentals Unpleasantly Surprise
The US dollar erased gains versus the euro and closed lower against some other major currencies, including the Great Britain pound and the Japanese yen, as fundamental reports from the United States were not good at all, making market participants question necessity of stimulus tampering. Today’s reports from the US were surprisingly poor. Retail sales rose just 0.2 percent, missing the forecast of 0.5 percent. The University of Michigan reported […]
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September 132013
Sterling Climbs as Construction Report Adds to Signs of Recovery
The Great Britain pound advanced today, rising to the new high against the US dollar (the strongest level since February), as the construction sector added to evidences of economic growth in the United Kingdom. The Office for National Statistics reported that monthly construction output increased by 2.2 percent in July from June. The construction sector accounts for 6.3 percent of Britain’s economy. One could expect that traders have gotten used to good reports from […]
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September 132013
Drop in Eurozone Employment Weighs on Euro
The latest economic news out of the eurozone has proved disappointing. For the second quarter, there has been a decline in employment, and that has many questioning the sustainability of the burgeoning economic recovery in the 17-nation currency region. Second quarter eurozone employment data has disappointed economists and Forex traders. Eurostat reports that the number of people with work fell 0.1 per cent from the first quarter of 2013 to the second quarter. Year over […]
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September 132013
Peso Falls After Chilean Central Bank Meeting
The Chilean peso fell against the US dollar and the euro today after Chile’s central bank conducted a policy meeting and decided to leave its key interest rate unchanged. The Central Bank of Chile kept its main interest rate at 5 percent. The central bank spoke about high volatility on the financial markets created by uncertainty about US monetary policy and recovery in Europe. At the same time, it mentioned that slowdown of China’s […]
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September 132013
Canadian Dollar Struggles for a Second Day
Canadian dollar is struggling again, facing difficulty for a second day. Yesterday, the loonie struggled against its major counterparts, and the same is happening against today. Mostly, it has to do with expectations of the Federal Reserve taper. With speculation that the Federal Reserve will decide to begin tapering its asset purchase program very soon, the US dollar is getting a bit of a boost. The quantitative easing has been […]
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September 132013
EUR/USD Drops Despite Negative US Fundamental Reports
EUR/USD dropped sharply today even though macroeconomic reports from the United States were disappointing for the most part. Slower-than-predicted growth of retails sales and the unexpected slump of consumer confidence made the dollar considerably less attractive to Forex traders. PPI rose 0.3% in August, seasonally adjusted, a bit more than was expected (0.2%) after showing no change in July. (Event A on the chart.) US retail sales rose 0.2% in August, […]
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September 132013
Pound Soft Even as Carney Sees Recovery
The Great Britain pound was a bit soft even after Bank of England Governor Mark Carney signaled that the UK economy is recovering, leading to speculations that policy makers may raise interest rates sooner than was expected. Carney was speaking about the positive influence of stimulating policy, saying: Economy is picking up and the stimulus is working. He also added: By making policy more effective, […]
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