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Day: September 16, 2013
September 162013
Aussie Jumps with Risk Appetite, Loses Gains
The Australian dollar jumped today after investors’ appetite for risk bolstered riskier currencies. Yet the Aussie trimmed gains against the Japanese yen and retreated versus the US dollar as of now. News that Lawrence Summers is no longer a candidate for the office of Federal Reserve Chairman together with less-than-shiny economic data from the United States reduced probability of smaller stimulus. This resulted in optimism and willingness to risk among Forex traders. […]
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September 162013
Won Gains as Summers’ Withdrawal Creates Risk Appetite
The South Korean won advanced today with help of the risk-positive market sentiment. The Forex market shifted to the risk-on mode after Treasury Secretary Lawrence Summers withdrew from the race to the leadership of the Federal Reserve. Summers was considered to be less dovish candidate for the office of Chairman compared to Janet Yellen. After the news of his withdrawal, traders became less certain that the Fed will tighten its monetary policy in the near future. […]
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September 162013
Euro Heads Higher on Summers Fed Withdrawal
Risk appetite is making an appearance, thanks in large part to the news that Lawrence Summers has withdrawn his name for consideration as the head of the Federal Reserve when Ben Bernanke’s term is up. The news has provided a boost for the euro, even though there are questions about the sustainability of the eurozone’s fledgling recovery. Lawrence Summers made it clear earlier that he does not wish to replace Ben Bernanke […]
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September 162013
Geopolitical Issues Give Yen a Boost Against the Dollar
Yen is trading mostly higher today, strengthening against the greenback as geopolitical issues take center stage. With a national holiday closing markets in Japan, there is little that can be done other than look at the wider geopolitical goings-on — and that is providing the yen with a little bit of a boost. There is plenty of uncertainty around the world, and that is giving the yen a boost against the dollar […]
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September 162013
EUR/USD Opens Sharply Higher
EUR/USD opened sharply higher today as Treasury Secretary Lawrence Summers said that he is no longer a candidate to replace Ben Bernanke as the Federal Reserve Chairman. The remaining candidate, Fed Vice Chairman Janet Yellen, is much more dovish than Summers, leading to speculations that Fed’s monetary policy will remain extremely accommodative for a long time. Today’s data did not support the case for stimulus reduction, […]
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