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Day: September 19, 2013
September 192013
Swiss Franc Retains Strength After SNB Maintains Ceiling
The Swiss franc soared yesterday and remained strong today even as the nation’s central bank kept the cap on the currency in place and signaled that it wants the Swissie to weaken. The Swiss National Bank maintained interest rates near zero on today’s meeting. The bank complained about the strength of the franc and promised to keep the ceiling intact as long as necessary in the statement: The Swiss National Bank (SNB) is maintaining its minimum exchange rate of CHF 1.20 […]
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September 192013
Euro Gains as ECB Rate Cut Not Considered Imminent
Euro is gaining ground today as concerns about an ECB rate cut are eased — at least for the time being. The decision of the Federal Reserve to keep the asset purchase program in place in the United States has helped money markets, and made things a little easier for policymakers in the eurozone. The surprising decision of the Federal Reserve to keep its asset purchase in place without tapering has impacted markets all over the world. Prior to the decision, money […]
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September 192013
Aussie Pulls Back After Earlier Gains
Aussie jumped higher after the announcement that the Federal Reserve would not start tapering its asset purchases this month. However, after its earlier performance, the Australian dollar has eased back, and is now heading lower against its major counterparts. Following the news that the Federal Reserve would not begin tapering its asset purchases, the Australian dollar jumped to a three-month high against the US dollar. […]
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September 192013
Norway Krone Stronger After Central Bank’s Policy Meeting
The Norway krone advanced today after the nation’s central bank left its key policy rate unchanged and signaled that it plans interest rate hikes, not cuts. The Norges Bank kept the main interest rate at 1.5 percent today. The bank said in the statement: The analyses imply a key policy rate at today’s level in the period to summer 2014, followed by a gradual increase to a more normal level. The signs that the central bank […]
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September 192013
NZD Rises as GDP Maintains Pace of Growth
The New Zealand dollar ticked up today after a report showed that the nation’s economy was able to maintain pace of its growth little changed last quarter as was expected by market participants. New Zealand gross domestic product grew 0.2 percent in the second quarter of this year, matching expectations. The first quarter’s expansion was revised slightly up to 0.4 percent. The data was considered good by traders, propelling […]
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September 192013
EUR/USD Maintains Rally Despite Surprisingly Good US Data
EUR/USD maintained yesterday’s gains, but the rally was relatively small as the majority of today’s reports from the United States were very good. The relatively small increase of unemployment claims was a real surprise, considering that the previous reading was thought to be incorrect, and the surge of the manufacturing index was unexpected (but welcomed) as well. Initial jobless claims increased from 294k to 309k last week. It was not a small […]
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September 192013
Pound Remains Strong After BoE Minutes & Fed Announcement
The Great Britain pound generally remained strong after the hawkish policy minutes of Britain’s central bank and the Federal Reserve announcement, though retreated somewhat against the euro. The Bank of England released minutes of its September meeting yesterday and the central bank was fairly optimistic. It wrote: Domestically, there were increased signs that the recovery was taking hold, which had been accompanied by an upward movement in sterling market interest […]
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