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Day: October 24, 2013
October 242013
Delayed Taper Expectations Send Greenback Lower
US dollar is lower today on expectations that the Federal Reserve won’t begin tapering its asset purchase program until next year. With US jobs growth slowing, and analysts still trying to determine the economic impact of the recent government shutdown, it just doesn’t make sense for the Fed to reduce stimulus right now. Earlier this week, the payrolls report for September was released (delayed by the government shutdown). The data […]
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October 242013
Euro Continues to Gain Ground
Even with the latest drop in the PMI, the euro is still surging in Forex trading. Indeed, the 17-nation currency continues to defy expectations and move higher as risk appetite improves and Forex traders become more confident about the eurozone economy. According to the latest data from Markit, the eurozone PMI dropped to 51.5 in October, down from 52.2 in September. However, anything above a 50.0 indicates economic expansion, so the eurozone is still […]
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October 242013
Norwegian Krone Rises After Central Bank’s Statement
The Norwegian krone advanced today after the central bank left its main policy rate unchanged and said that the currency has depreciated. Such wording suggests that policy makers will not take actions to weaken the krone. The Norges Bank maintained its key interest rate at 1.5 percent at today’s meeting. Governor Oeystein Olsen said in the accompanying statement: Inflation in September was lower than expected, but at the same […]
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October 242013
Indonesian Rupiah Rises as China’s PMI Improves Sentiment
The Indonesian rupiah rose a little today as China’s manufacturing index ticked up this month, improving prospects for exports of Indonesia. The positive data improved the market sentiment that was previously negative. The HSBC Flash China Manufacturing Purchasing Managersâ Index rose from 50.2 in September to 50.9 in October. The actual value exceeded the market expectations of 50.5. The report was rather optimistic and eased concerns caused by monetary tightening in China. USD/IDR […]
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October 242013
EUR/USD Resumes Rally to New Highs
Yesterday’s weakness of EUR/USD was indeed short-lived and the currency pair resumed its rally to new highs today, trading near the strongest level since 2011. The dollar was under pressure amid speculations that this month’s government shutdown will not allow the Federal Reserve to tamper quantitative easing. Today’s data added to concerns as unemployment claims fell less than market participants have hoped for. US trade […]
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