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Day: October 2, 2013
October 22013
Pound Mixed After Construction PMI
The Great Britain pound was mixed today, rising against the US dollar, but falling versus the Japanese yen. The construction report was the likely source of the confusion as it showed that the sectors continued to grow, but with slower pace than traders have hoped for. The Markit/CIPS UK Construction Purchasing Managers’ Index fell from 59.1 in August to 58.9 in September. The drop was small, but it still was […]
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October 22013
Euro Jumps with Help of ECB & Letta
The euro climbed today against the US dollar and the Great Britain pound after the European Central Bank left monetary policy unchanged and Italy avoided political crisis. The currency also pared losses versus the Japanese yen. The ECB kept its main interest rate at the record low level of 0.5 percent. President Mario Draghi said in the press-conference that monetary policy will remain accommodative for a long time: Looking ahead, our […]
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October 22013
EUR/USD Jumps on ECB & Letta
EUR/USD jumped today after the European Central Bank refrained from additional stimulus at today’s policy meeting and suggested at the press-conference that the current accommodative policy will stay for a long time. (Event B on the chart.) The euro was also stronger after Italian Prime Minister Enrico Letta won the confidence vote in the parliament, avoiding the need for another election. It is interesting to note that former Prime Minister Silvio Berlusconi […]
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October 22013
Aussie Suffers from Unexpectedly Poor Reports
The Australian dollar edged down today as surprisingly poor economic data reignited speculations about potential interest rate cut from the central bank as recovery does not look stable enough yet. Building permits slid 4.7 percent in August on a seasonally adjusted basis following the 10.2 percent increase in July. Experts have expected much smaller decrease by 0.7 percent. The trade balance deficit shrank by A$560 million to A$815 […]
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October 22013
Dollar Posts Gains, Remains in Danger
The US dollar posted gains against other major currencies, including the euro and the Great Britain pound (but excluding the Japanese yen), today. The currency remains in danger from the impact of the US government shutdown. The dollar got boost from positive macroeconomic data. The Institute for Supply Management Manufacturing Purchasing Managers’ Index rose from 55.7 percent to 56.2 percent in September. Analysts were surprised as they were expecting a drop to 55.3 […]
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