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Day: September 18, 2013
September 182013
Breaking News: Fed Avoids QE Tampering, Dollar Pounded into the Ground
The Federal Reserve shocked the Forex market today as it made no changes to its monetary policy, avoiding stimulus tampering that everybody was expecting. The dollar came crashing down as a result. The most important event this week (or perhaps even this month) has occurred today: the Federal Open Market Committee meeting. Most market participants believed that some form of quantitative easing reduction will be announced […]
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September 182013
Euro Struggles Ahead of Fed and German Election
Euro is struggling today. Part of the struggle is due to the fact that traders are holding their collective breath, waiting for the Federal Reserve announcement that many expect to result in a modest beginning to the tapering of the current monthly asset purchase program. Also contributing to the euro’s struggles, though, is uncertainty over the upcoming German election. Even a modest reduction in the Federal Reserve‘s asset purchase program could help boost the dollar […]
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September 182013
Dollar Mostly Rangebound Ahead of Federal Reserve
The Federal Reserve is expected to make an announcement later today, and many Forex traders are waiting to see if a taper is on the way. As a result of this interest, the dollar is mostly rangebound today. Traders are positioning themselves ahead of the Fed announcement, hoping to be able to take advantage of whatever policy is shared. Right now, many expect that the Federal Reserve will announce a slight drop in its monthly […]
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September 182013
Aussie Soft, Positive Fundamentals Limit Losses
The Australian dollar was a bit soft today after yesterday’s gains amid uncertainty on the Forex market caused by today’s announcement of the Federal Reserve policy decision. Losses were limited as domestic fundamental reports were favorable. The Conference Board leading index for Australia advanced 0.3 percent in July after dropping as much as 1.1 percent (revised from the drop of 0.2 percent) in the previous month. The Melbourne Institute leading indicators rose […]
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September 182013
NZ Dollar Retreats as Current Account Deficit Widens
The New Zealand dollar slid today as the current account deficit widened last quarter and as investors were cautious ahead of today’s Federal Reserve policy decision. The New Zealand current account posted a deficit of NZ$2.2 billion in the second quarter of 2013, $0.1 billion above the first quarter’s gap (which was revised positively). The median forecast promised bigger shortage. Analysts remain optimistic about the New Zealand economy and, as a result, […]
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September 182013
Outcome of FOMC Meeting: No Tampering, EUR/USD Soars
EUR/USD was trading sideways for the most part of today’s session, but sharply rallied after the Federal Open Market Committee greatly surprised the market, refraining from reduction of stimulus program. While recent macroeconomic data was not in favor of stimulus tampering, most market participants expected that quantitative easing would be scaled back at least by small degree. Signs that monetary policy will stay extremely accommodative […]
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September 182013
Australian Dollar Firm After Policy Minutes
The Australian dollar remained firm after minutes of the last Reserve Bank of Australia policy meeting. The central bank said that it may cut interest rates further in the future, but is not going to do so immediately. The RBA was not particularly optimistic about the developments in the Australian economy, according to the minutes of the meeting that has occurred on September 3. The central bank said that it would prefer to see […]
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September 182013
Poor Economic Data Makes Dollar Soft Ahead of Fed Meeting
The US dollar was soft as worse-than-expected macroeconomic data made Forex traders speculate that the Federal Reserve may avoid tampering of quantitative easing or at least do it at a smaller scale than was expected previously. The US Consumer Price Index rose 0.1 percent in August, missing the forecast of 0.2 percent. It was not a big difference, but together with the previous poor data it led to talks that […]
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