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Day: November 14, 2013
November 142013
US Dollar Stronger on Prospects of Bond-Buying Reduction
The US dollar continued to rise today after Federal Reserve Chairman nominee Janet Yellen said that asset purchases “will not continue indefinitely”, fueling speculations that the Fed will scale down its bond buying program. Gains were limited as US macroeconomic data was rather poor. Yellen explained that reduction of bond purchases does not mean that interest rates will raised soon: […]
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November 142013
Hungarian Forint Strengthens as Growth Gains Momentum
The Hungarian forint gained today after the report showed that country’s economic growth exceeded forecasts, suggesting that recovery from the last year’s recession is gaining momentum. The Hungarian Central Statistical Office reported that country’s gross domestic product expanded 0.8 percent in the third quarter of this year from the second quarter. This is compared to expectations of 0.4 percent growth. The annual increase was at 1.7 percent, […]
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November 142013
Brazilian Real Gains vs. Dollar, Unhindered by Poor Fundamentals
The Brazilian real managed to gain on the US dollar today even as economic indicators in Brazil were not supportive and led to speculations that the central bank will be limited in its ability to raise interest rates. Brazil’s economic activity contracted by 0.01 percent in September from the prior month, according to the Central Bank of Brazil. There are concerns that the nation’s budget deficit will lead to credit rating cuts. All these […]
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November 142013
Euro Struggles After GDP Data
Euro is struggling today, mainly due to disappointing economic data. The latest GDP numbers are in, and they show that the eurozone recovery is barely hanging on. It’s not helping, either, that German and France are having their own economic struggles right now. There’s little to support the euro, and there are concerns that another recession could be coming. The eurozone has been plagued […]
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November 142013
Yen Slides on Comments from Taro Aso
The latest comments from Japanese Finance Minister Taro Aso are leading to losses for the Japanese yen. Aso indicated that Japanese policymakers remain poised to intervene in the markets in their attempts to keep the yen weak. Additionally, optimism that the United States will continue with its stimulus program is prompting risk appetite. Japanese stocks got a boost earlier, and the yen is dropping against its major counterparts now, […]
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November 142013
EUR/USD Attempts to Recover on US Data, Yellen’s Comments
EUR/USD was falling today, but now is attempting to recover as today’s macroeconomic data from the United States was rather disappointing, at least to those traders who were bullish on the dollar. Speech of Federal Reserve Chairman nominee Janet Yellen contributed to the dollar’s weakening as she suggested that it is too early to consider reduction of stimulus measures. This week is relatively poor on the data front. Several releases […]
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November 142013
Canadian Dollar Stronger After Yellen’s Speech
The Canadian dollar rallied against its US counterpart yesterday and remained strong today on prospects for prolonged monetary stimulus from the Federal Reserve. The currency also rose against the Japanese yen, but was flat against the euro. Janet Yellen, who is nominated to be the next chairman of the Federal Reserve, suggested that stimulus should not be reduced until there are more evidences of improvements in the economy and the labor market. […]
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November 142013
BoE Inflation Report Sends Pound Higher
The Great Britain pound surged on the previous trading session after the Bank of England issued a very positive outlook, leading to speculations that it may tighten monetary policy sooner than was previously expected. The currency was little changed today. As was expected, BoE Governor Mark Carney was very optimistic in the inflation report, revising most forecasts positively. Of a particular note is the prediction that the unemployment rate will […]
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