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Day: October 11, 2013
October 112013
Indian Rupee Higher on Hopes for Inflows & Smaller Current-Account Gap
The Indian rupee rose today on hopes that policy maker will be able to reduce the nation’s current-account deficit and attract additional inflows into the country’s economy. Chakravarthy Rangarajan, chairman of the Prime Ministerâs Economic Advisory Council, said earlier this week that the current-account deficit may be 14 percent below the Finance Ministry’s target by March 2014. The trade balance deficit shrank to the lowest level since March 2011 […]
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October 112013
UK Pound Drops on More Disappointing Economic Data
UK pound is heading lower today, dropping as additional disappointing economic data comes in. This time, it’s construction declines weighing on the British currency. Concerns about the economic recovery in the United Kingdom are sending the pound lower today, even though sterling saw some progress earlier. Good news coming out of the United Kingdom was mostly priced in, so the latest construction data was particularly […]
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October 112013
Euro Heads Higher Against Major Counterparts US Agreement Nears
Euro is heading higher today, thanks in part to expectations of a debt deal in the United States, and in spite of continued questions about the eurozone economic recovery. Euro is gaining against its major counterparts as a bit of risk aversion makes an appearance on the markets. Many markets are in a bit of a wait and see mode as traders await news of a government shutdown deal, and possibly a rise to the debt ceiling in the United States. Euro is heading higher […]
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October 112013
Taiwan Dollar Suffers from Intervention Speculations
The Taiwan dollar slipped today on concerns that the rally of the currency will spur policy maker to intervene, weakening the currency to protect domestic exporters. According to the government data, Taiwan exports dropped 7 percent in September from a year ago. The International Monetary Fund cut the forecast for the nation’s growth to 2.2 percent from 3 percent this year. The data led to speculations that the central bank may intervene to reduce the negative impact […]
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October 112013
EUR/USD Turns Up as US Consumer Sentiment Worsens
EUR/USD went up today after three sessions of decline as consumer sentiment unexpectedly fell this month. Additionally, unemployment claims demonstrated a huge surge, but the report was considered unreliable. The increase was attributed partly to the US government shutdown and partly to the data from the states that were unable to process claims due to upgrading their computer systems. All in all, the report was skewed and likely does not reflect […]
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October 112013
Australian Dollar Trades in Tight Range, Awaiting for US Politicians
The Australian dollar was moving largely sideways today as Forex traders hold breath, waiting for US politicians to demonstrate whether they are willing to find a compromise and avoid a default. Expectations of a positive trade report from China supported the currency. House Speaker John Boehner proposed to extend the deadline for lifting the debt ceiling from October 17 to November 22 without any conditions attached to the decision. House Republicans will discuss […]
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