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Day: November 6, 2013
November 62013
Pound Stronger on Domestic Data, Unable to Beat Euro
The Great Britain pound rose against the US dollar and the Japanese yen today as macroeconomic data supported the view that the Bank of England will not cut interest rates on tomorrow’s policy meeting. The sterling fell against the euro, which was supported by domestic data too. Manufacturing production expanded 1.2 percent in September from August. Industrial production grew 0.9 percent. The Halifax House Price Index was up 0.7 […]
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November 62013
Euro Finds Footing After Economic Data
Euro is finding its footing today, thanks to the latest round of economic data. The certainty that the ECB will have to cut rates this week is fading, and that is providing a bit of a boost to the 17-nation currency. One of the difficulties plaguing the euro in recent days has been the concern that the European Central Bank will have to cut rates in order to stimulate a flagging eurozone economy. This has contributed to euro […]
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November 62013
Good Data from USA Is Bad for Indian Rupee
Positive data continues to come from the United States, feeding speculations about stimulus tampering by the Federal Reserve. Such talks are negative for riskier currencies, including the Indian rupee, which fell today. Yesterday’s good report about the US services sector was followed by today’s release from the Conference Board that showed an increase of the leading indicators by 0.7 percent in September. Signs of positive developments in the US economy make traders […]
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November 62013
Employment Growth Brings New Zealand Dollar Higher
The New Zealand dollar climbed today, rising against its US counterpart for the third consecutive trading session, after faster-than-expected employment growth added incentive for the central bank to raise interest rates. New Zealand employment grew by 1.2 percent in the third quarter of 2013, more than two times the forecast of 0.5 percent. As a result, the unemployment rate fell by 0.2 percentage point to 6.2 percent. It is very likely that […]
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November 62013
Risk Appetite Makes an Appearance, Sending Dollar Lower
Risk appetite is making an appearance today, and that is sending the US dollar a little bit lower today. News out of China is driving some risk appetite, and for now there is more focus on high yielders than there is on what the Federal Reserve is planning. US dollar is lower against its high beta counterparts today, dropping as risk appetite comes to the markets. China lowered […]
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November 62013
EUR/USD Recovers Ahead of ECB Meeting
EUR/USD rose today as positive reports allowed traders to speculate that the European Central Bank will refrain from additional monetary easing. In truth, today’s European data was very mixed, but it looks like the Forex market paid attention only to the good part of it. The ECB will hold its monetary policy meeting tomorrow. No changes are expected just yet, but market participants will […]
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November 62013
Aussie Little Changed After Trade Deficit Shrinks
The Australian dollar was little changed today after a report showed that the nation’s trade deficit shrank much more than was expected, supporting the opinion that an interest rate cut from the central bank is not required. The Australian trade balance posted a deficit of A$284 million in September, down from August’s A$693 million. The median analysts’ estimate promised a decrease to just A$510 million. The Reserve Bank of Australia […]
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