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Day: October 17, 2013
October 172013
Ringgit Rises with Risk Appetite
The Malaysian ringgit rose today together with other currencies as the end to the US budget stalemate spurred risk appetite among Forex traders and boosted higher-yielding currencies. US President Barack Obama signed the bill that ends the government shutdown and boosts the debt limit until next year. The news brought much-welcomed relief on the market and resulted in a huge rally of currencies against the greenback. The rally was also supported by the view that the Federal […]
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October 172013
Pound Rises with Retail Sales
The Great Britain pound rose today as September growth of retail sales was above forecasts, confirming that the UK economy is on the path to recovery. The currency also surged against the US dollar as default in the United States was averted. Retail sales rose 0.6 percent in September from August, slightly above market expectations of 0.5 percent. It looks like the recent string of negative reports from the United Kingdom was short-lived […]
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October 172013
No Default in USA, EUR/USD Surges
The dollar slumped against all other most-traded currencies as US politicians managed to reach a deal for raising the debt ceiling. It is not an end to the story as negotiations will resume in January, but at least a catastrophe was averted for now. Government agencies reopen and the flow of official economic data should soon be resumed, but for now there are not many reports from the United States. The greenback also fell as the Chinese […]
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October 172013
US Dollar Index Drops Following Credit Rating Questions
The United States has been put on notice about its credit rating. Even though Congress managed to avert a default by raising the debt ceiling, some credit rating agencies have questions about what’s next. As a result, the US dollar is losing ground to its major counterparts. US dollar index is lower today following a downgrade from rating agency Dagong. The Chinese credit rating agency has cut […]
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October 172013
Euro Gains on US News, but Focus Shifts to Austerity
Euro is surging on the news that lawmakers in the United States have come to an agreement to end the shutdown and avert a default. Risk appetite has returned to the markets as Forex traders greet the news with enthusiasm. However, with the some of the attention off politics in the United States, some focus is returning to eurozone austerity. As the eleventh hour approached, US politicians finally passed a deal to avert default, and to end the partial shutdown. The news has […]
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October 172013
Canadian Dollar Surges as USA Avoids Default
The Canadian dollar surged after US politicians reached a deal about raising the debt limit and ending the government shutdown. It was a huge relief after the prolonged period of uncertainty and riskier currencies profited from it. The Senate agreed to pass the bill without any conditions attached regarding the health reform of President Barack Obama. The President said: Once this agreement arrives on my desk, I will sign it immediately,â Obama said […]
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