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Day: November 8, 2013
November 82013
France Downgrade, ECB Rate Cut Weigh on Euro
Euro is struggling against the US dollar today, heading lower as the economic situation in the eurozone raises questions. Euro is also barely holding its own against the UK pound, struggling as it moves between gains and losses today. Between the ECB rate cut yesterday and the downgrade to France’s credit rating, there is a lot weighing on the 17-nation currency right now. Yesterday, the European Central Bank surprised nearly everyone […]
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November 82013
US Dollar Surges With “Dectaper” on the Table
Today’s surprising payrolls report out of the United States is fueling speculation that the Federal Reserve could begin its taper as early as December. The latest report shows a surge in jobs, and that is leading some to believe that the easing policy will be lifted, which is very dollar positive. While the eurozone and the United Kingdom are both showing improvements in their economies, both are still firmly in need […]
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November 82013
Norwegian Krone Falls on Talks About Budget Reduction
The Norwegian krone dropped today as nation’s officials suggested that a stronger currency may be harmful to the economy, affecting local exports in a negative way. Some drastic measures, like budget reduction, might be taken in case of appreciation. Norwayâs Prime Minister Erna Solberg was talking about budget cuts that might be necessary to help Norwegian exports remain competitive: If the Norwegian krone starts to appreciate more, […]
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November 82013
Swiss Rises Despite Slowing Growth of Retail Sales
The Swiss franc rose today even though this week’s macroeconomic data, including today’s report on retail sales, was not particularly supportive for the currency. Retail sales rose 1 percent in September from a year ago, while analysts have expected the rate of growth to stay at the previous month’s value of 2.5 percent. The Consumer Price Index fell 0.1 percent in October. The consumer confidence index improved from -9 in July […]
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November 82013
Another Surprise: Nonfarm Payrolls Surges
After yesterday’s unexpected interest rate cut by the European Central Bank, Forex traders experienced yet another surprise today, this time from the United States. Nonfarm payrolls grew much more than was expected. This was especially surprising considering that several previous releases trailed estimates and were rather disappointing to dollar bulls. The dollar surged on the news, while the euro sank. Together with yesterday’s GDP […]
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November 82013
Czech National Bank Intervenes to Weaken Koruna
The Czech koruna was soft today after yesterday’s announcement of the central bank about an intervention aiming at weakening the currency. The bank left its interest rates unchanged. The Czech National Bank left interest rates unchanged at yesterday’s meeting, including the two-week repo rate and the discount rate, which stayed at 0.05 percent. With not room to cut rates further, the central bank referred to an intervention on the Forex market as a way to stimulate the economy, […]
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November 82013
Aussie Maintains Weakness on Employment & RBA Statement
The Australian dollar dropped yesterday after poor employment data. Today, the currency maintained losses as the central bank policy statement came out rather dovish and confirmed possibility of an interest rate cut. Australian employment grew by just 1,100 in October from September, while much bigger growth by 10,300 was expected by experts. The unemployment rate was at 5.7 percent. The Reserve Bank of Australia released its monetary policy statement today. […]
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