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Day: October 1, 2013
October 12013
USD/CHF Falls to 19-Month Low, Rebounds
The Swiss franc reached the highest level since February 29, 2012 against the US dollar today as US politicians were unable to agree on the budget. The currency retreated as of now and continues to weaken. Amid the US government shutdown and the political turmoil in Italy, it is not a surprise that traders run to safe currencies, including the Swissie. The reversal of the rally was somewhat unexpected, but can be explained as a correction after the currency’s strong […]
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October 12013
Yen Rises with Tankan
The Japanese yen advanced today as the Tankan indices improved, suggesting that the measures to spur economic revival are working. The gains were limited though. The Tankan manufacturing index jumped from 4 on the June quarter to 12 in the September quarter. The Tankan nonmanufacturing index rose from 12 to 14. The yen rose a little after the report, but the rally was relatively week and it is a surprise considering wide-spread risk aversion caused […]
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October 12013
Euro Drops on Economic Data, Italy
Euro is dropping today, falling against its major counterparts as disappointing economic data, along with the political situation in Italy, weigh on the 17-nation currency. The latest eurozone data isn’t very encouraging right now, with factory growth in the 17-nation currency region slowing overall. In fact, factory data in larger economies, like Germany, is showing slowing as well. And there is slowing in the periphery, which is causing some […]
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October 12013
UK Pound Continues to Gain
UK pound is still benefiting from recent economic news that turned out better than expected, as well as from comments from the new BOE Governor that indicate that quantitative easing is non longer needed. Amidst the political issues plaguing the eurozone and the United States, the pound looks pretty well positioned. The latest economic news out of the United Kingdom was better than expected. Hometrack‘s most […]
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October 12013
EUR/USD Retreats from Eight-Month High
Quite a few factors influence EUR/USD right now, resulting in a confusing performance of the currency pair. In the United States, a partial shutdown of federal services has started today as US politicians were not able to pass a budget bill. Initially, the euro soared to the highest since February on the news. Yet the situation in Europe is not much better as Italy faces a government collapse. Additionally, German unemployment unexpectedly surged (event A on the chart) even […]
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October 12013
Aussie Jumps with Help from Fundamentals & RBA Rate Decision
The Australian dollar jumped today as domestic fundamentals and the Reserve Bank of Australia policy decision propelled the currency higher, allowing it to overcome the negative impact of risk aversion, created by the US government shutdown. Australian retail sales rose 0.4 percent in August from July on a seasonally adjusted basis, beating the median forecast of 0.3 percent. The seasonally adjusted Australian Industry Group Australian Performance of Manufacturing Index jumped by 5.3 points to 51.7 […]
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October 12013
Canadian Dollar Rallies as Economy Expands, Retreats
The Canadian dollar rose yesterday as economy expanded, following a period of contraction. Yet the currency retreated today amid fears concerning a potential US government shutdown. Canadian gross domestic product grew 0.6 percent in July, matching traders’ expectations. The economy shrank 0.5 percent in June. The report was definitely positive for the loonie, so it is not a surprise that the currency has rallied. Yet the current drop of the Canadian currency […]
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