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Day: November 5, 2013
November 52013
Euro Soft, Damaged by Signs of Weaker Recovery
The euro dropped today as speculations persisted about potential implementation of additional monetary stimulus by the European Central Bank. The economic reports were not helping the matter and the forecasts for the next year were less optimistic. Spanish unemployment surged by 87,000 in October, exceeding the analysts’ estimate of 31,300 by a wide margin. The forecast for European Union economic growth in 2014 was less optimistic compared to the previous projection. The revision was small (from 1.2 percent […]
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November 52013
Mexican Peso Suffers from QE Tampering Speculations
The Mexican peso fell today as talks about quantitative easing tampering from the Federal Reserve persisted, driving Forex traders away from riskier currencies to safer ones. Institute for Supply Management services index for the United States showed an increase from 54.4 percent to 55.4 percent in October instead of the expected drop to 54.2 percent. The report reinforced the outlook for QE tampering in the near future. Analysts explained that such data is […]
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November 52013
AUD Weaker as Stevens Complains About Exchange Rate
The Australian dollar weakened today a bit after the central bank refrained from additional monetary easing, but complained that the currency is too strong and should depreciate in order to aid economic growth. The Reserve Bank of Australia maintained its key interest rate at 2.5 percent today. RBA Governor Glenn Stevens said in the statement: The Australian dollar, while below its level earlier in the year, is still uncomfortably high. […]
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November 52013
US Dollar Gains Against Euro on Latest Expectations
US dollar is heading higher against the euro today, surging ahead as expectations about the eurozone and expectations about the US economy solidify ahead of an ECB meeting and US payrolls data on Friday. Greenback is higher, putting pressure on commodities as well. The US dollar is stronger against the euro right now as concerns about the eurozone continue, and as many look for the Federal Reserve to begin tapering its asset purchase program sometime […]
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November 52013
Housing Market, Economic Forecast Boost UK Pound
UK pound is heading higher today, gaining as better news comes in from a number of quarters. The housing market seems to picking up, with home prices rising. Additionally, a new economic forecast indicates that the UK economy is likely to grow more than expected in coming months. UK pound is finding support today, jumping against many of its major counterparts as better economic news comes into […]
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November 52013
Yen Discards Concerns About Slow Inflation Growth
Economists were speculating that the measures implemented by the Bank of Japan will not be enough to reach the target inflation of 2 percent, but such talks did not deter the Japanese yen from extending yesterday’s advance today. Analysts pointed out that economic growth does not look robust enough despite all the monetary easing of the BoJ. Indeed, today’s report showed that the monetary base was shrinking […]
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November 52013
Falling Crude Oil Drags Down Canadian Dollar
The Canadian dollar was soft at the start of this trading week as crude oil slid, endangering the export-oriented economy of Canada. The currency attempted to recover against its US peer, but failed and remained weak against other major counterparts too. Futures for delivery of crude oil in December slid below the $95 level, touching $94.06 per barrel — the lowest price since June. Crude oil is the major export commodity of Canada […]
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