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Day: October 29, 2013
October 292013
US Dollar Index Higher as Fed Begins Meeting
US dollar index is rising today, gaining as a two-day Federal Reserve meeting gets under way. It’s been a somewhat dramatic day for trading so far, but right now the US dollar has the upper hand, even though there are expectations that a taper of the Fed’s asset purchase program is still somewhere in the future. Earlier in the day, the US dollar took a hit against the euro as a member of the ECB […]
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October 292013
Euro Struggles After Breaking Through 1.3800 Level Earlier
Euro is struggling right now, attempting to maintain its earlier strength. With expectations that the next Fed policy statement will continue to put off the taper, the euro gained, breaking through the 1.3800 level. However, the euro has since fallen back and is now down since the open. Euro saw a spike earlier today as Ewald Nowotny, from the European Central Bank, said that there aren’t tools […]
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October 292013
Rupee Rises After Indian Central Bank Cuts Key Interest Rate
The Indian rupee rose today even after the central bank cut its key interest rate, while boosted some other borrowing costs to address imbalances in the domestic economy. The Reserve Bank of India reduced the marginal standing facility rate by 25 basis points to 8.75 percent. At the same time, the central bank increased the policy repo rate under the liquidity adjustment facility by 25 basis points to 7.75 percent. The RBI said […]
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October 292013
Aussie Suffers from Stevens’ Comments
The Australian dollar extended its decline for the fourth trading session today after Reserve Bank Governor Glenn Stevens suggested that the currency may weaken significantly. Stevens said today: These levels of the exchange rate are not supported by Australia’s relative levels of costs and productivity. He concluded: So it seems quite likely that at some point in the future the Australian dollar will be materially lower than it […]
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October 292013
Bad US Fundamentals Do Not Help EUR/USD
EUR/USD fell for the second trading session today even as most of economic reports were rather disappointing. The Federal Reserve starts its policy meeting today. It is expected that the central bank will maintain its monetary stimulus, but even such outlook was not able to support the currency pair. PPI fell 0.1% in September on a seasonally adjusted basis instead of rising 0.2% as was predicted by analysts. The gauge […]
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October 292013
Pound Extends Decline After Disappointing Sales Report
The Great Britain pound was falling even as UK macroeconomic data was mostly good. Yesterday’s data about high street sales was not that encouraging though and it might have contributed to the weakness of the sterling. Confederation of British Industry released its Distributive Trades Survey for October that showed a net balance of +2 percent, well below expected +31 percent. Barry Williams, Asda Chief Merchandising Officer […]
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