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Day: October 3, 2013
October 32013
NZ Dollar Drops Despite Favorable Fundamentals
The New Zealand dollar dropped today on concerns that the US government shutdown will hamper global economy growth. The currency remained weak even though other fundamentals were highly supportive. Reserve Bank of New Zealand Governor Graeme Wheeler signaled that the central bank may start raising interest rates as soon as the next year. It confirmed speculators’ expectations and the previous statement of the RBNZ. China’s non-manufacturing Purchasing Mangers’ […]
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October 32013
Brazilian Real Falls as Moody’s Changes Outlook
The Brazilian real weakened today after Moody’s Investor Service maintained Brazil’s government bond rating, but changed the outlook from positive to stable. Moody’s confirmed Brazil’s Baa2 rating, but changed the outlook to stable from positive. The rating agency cited following reasons for the decision: 1) Key credit metrics are deteriorating, especially Brazil’s government debt-to-GDP and the investment-to-GDP ratios, which are weaker than those of other sovereigns […]
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October 32013
Japanese Yen Trades Mixed
Japanese yen is trading mixed today as concerns about what’s next for the United States takes center stage. News out of Japan is also affecting the Forex market, but mostly the focus is on the United States and the eurozone. Japan had a brief moment in the spotlight earlier this week. Prime Minister Shinzo Abe announced that Japan’s sales tax would be raised next year. The idea is to boost […]
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October 32013
Euro Strengthens After Draghi Comments, Dollar Weakness
Euro is strengthening today, heading to levels not seen since earlier this year. Concerns about what’s next for the US dollar are supporting the euro, and the 17-nation currency is also getting help from a resolution to issues in Italy and a vote of confidence from ECB President Mario Draghi. Today, the market is all about stability, and it appears that the euro is offering it. With the government shutdown in the United […]
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October 32013
EUR/USD at 8-Month High
EUR/USD jumped to the highest level since February 4 today as growth of US service sector disappointed and the budget impasse continued to worry traders. It is unlikely now that quantitative easing tampering will happen in 2013 and such outlook weakened the dollar further. The US currency tried to bounce after the surprisingly good report about unemployment claims, but failed. There will be no macroeconomic releases tomorrow as government […]
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October 32013
Polish Zloty Firm as NBP Does Not Mention Interest Rate Cut
The Polish zloty was firm against the US dollar today after the nation’s central bank left interest rates unchanged yesterday. Policy makers did not mention possibility of an interest rate cut and this was positive for the currency. The Narodowy Bank Polski left its main interest rate at 2.5 percent. The central bank said in the statement about the Polish economy: In the opinion of the Council, gradual economic recovery is likely to continue […]
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October 32013
Dollar Weak After Employment Report
The US dollar weakened after the employment report came out worse than was expected, adding to concerns caused by the partial US government shutdown. It suggested that US economic growth was not stable even without politicians messing things up. The employment data from Automatic Data Processing showed growth of 166,000 jobs in September, which was below the forecast of 177,000. Moreover, the August increase was revised […]
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