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Day: October 23, 2013
October 232013
Aussie Suffers from China’s News
The Australian dollar tumbled today as news from China resulted in risk aversion driving investors away from currencies with higher yield. News about monetary tightening in China resulted in wide-spread fear on the Forex market. The Asian country is the biggest trading partner of Australia, therefore it was not a surprise that the Aussie (as the Australian currency is often called) was also affected by the negative impact. Even positive domestic […]
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October 232013
Less Hawkish BoC Damages Canadian Dollar
The Canadian dollar demonstrated a sharp drop today as the Bank of Canada left interest rates unchanged and, what is more important, dropped hints of eventual interest hike from its statement. The BoC left its benchmark overnight rate at 1 percent at today’s policy meeting. Such decision was expected. Yet market participants were still surprised as the statement was significantly less hawkish that the previous statements and did […]
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October 232013
US Dollar Gains on Fears Over Chinese Money Market Rates
The latest news out of China, with money market rates on the rise, is prompting gains for the greenback today. Indeed, there is enough concern about liquidity that many Forex traders are looking for safe haven, and buying the dollar for the stability. US dollar took a hit after the release of September payrolls data yesterday. The latest numbers indicate that the Federal Reserve is unlikely to begin tapering its asset purchase […]
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October 232013
Euro Looks for Direction After Consumer Confidence Report
Eurozone consumer confidence came in below expectations for October, but it is still at its best since July 2011. Risk appetite is a little shaky today, and there are still questions about the sustainability of the eurozone’s economic recovery. The European Commission is reporting that consumer confidence has improved recently. In October, the reading improved to -14.5 from -14.9. The reading wasn’t in line with the expectations for a rise to -14.4, but […]
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October 232013
BoE Minutes Do Not Help Sterling
The Bank of England released the minutes of this month’s policy meeting, showing that policy makers voted unanimously for keeping policy the same. The Great Britain pound fell nevertheless as traders were concerned by news from China. BoE released minutes of its October 8–9 meeting today. The minutes were rather hawkish, saying: The news on the month had continued to suggest a robust recovery in activity in the United Kingdom. Monetary stimulus remained considerable […]
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October 232013
Yen Jumps as China Squeezes Liquidity
The Japanese yen jumped today on speculations that Chinese policy makers are going to perform monetary tightening. Such talks made traders nervous and drove them to seek safety. China boosted the benchmark seven-day repurchase rate, reducing funds available to the banking system. The liquidity squeeze caused investors to flee from riskier assets. The MSCI Asia Pacific Index of shares fell 0.8 percent and the Stoxx Europe 600 Index went […]
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October 232013
EUR/USD Flat, Ending Short-Lived Weakness
EUR/USD experienced weakness today as China squeezed liquidity by tightening monetary policy conditions. Such measures led to widespread risk aversion on the Forex market that allowed the dollar to rebound. But the euro recovered as of now and may yet rise to new highs. Export and import prices rose in September. Import prices were up 0.2%, the same rate of growth as in August (which was revised from 0.0%) and near the forecast of 0.3%. Export […]
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October 232013
Aussie Climbs as CPI Beats Expectations
The Australian dollar advanced today after data showed that consumer prices were rising last month much faster than was expected. It suggests that the nation’s central bank has less incentive to ease its monetary policy further. The Consumer Prices Index rose 1.2 percent in September, above the forecast of 0.8 percent growth. The increase followed the advance by 0.4 percent in August. The trimmed mean CPI was […]
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