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Day: November 1, 2013
November 12013
Pound Weak After Manufacturing Report
The Great Britain pound dropped today as UK manufacturing expanded last month less that was expected, while speculations about Dectaper continued to plague the Forex market. The currency also erased today’s gains versus the euro. The Markit/CIPS UK Manufacturing Purchasing Managers’ Index fell a bit from 56.3 in September (revised from 56.7) to 56.0 in October. The index remained at an elevated level, but economists have expected it to stay […]
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November 12013
US Dollar Heads Higher
Greenback is heading higher today as economic data from around the world prompts interest in the US dollar, and as many re-think what’s happening in eurozone. US dollar index is higher, and the greenback is gaining pretty much across the board. The Federal Reserve is keeping its tapering options open, providing little guidance in terms of when a taper is likely to start. Indeed, there wasn’t even a direct reference to the recent […]
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November 12013
Euro Continues to Slide on Rate Cut Possibilities
Euro continues to slide today, following a rather dramatic drop earlier. Expectations that the European Central Bank will have to take action regarding the slow-moving eurozone economy are rising, and a rate cut or another round of special financing are possibilities. Recently, the data out of the eurozone has been discouraging. The ECB has a target inflation rate of 2 per cent, but the latest report shows that eurozone inflation is […]
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November 12013
Aussie Rises on Domestic & Chinese Data
Good macroeconomic reports from China did not help Asian currencies, most of which remained subdued, but boosted the Australian dollar. The Aussie rose a little after yesterday’s decline also with the help of domestic data. The Australian Producer Price Index advanced 1.3 percent in the third quarter of 2013 from the second quarter. Positive reports from China supported the currency as China is the biggest Australia’s trading partner. Yesterday, […]
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November 12013
Yuan Little Changed After Manufacturing Reports
The Chinese yuan was little changed today against the US dollar even as both government and private reports showed an expansion of the nation’s manufacturing sector. The China manufacturing Purchasing Managers’ Index rose from 51.1 in September to 51.4 in October, according to the official data. The HSBC PMI rose from 50.2 to 50.9 last month, reaching the highest level in seven months. The yuan was not as strong as one might expect after the positive […]
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