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Day: November 27, 2013
November 272013
Canadian Dollar Drops with Crude Oil
The Canadian dollar dropped today, following the decline of crude oil. The currency was down against the US dollar and the euro, but managed to log gains versus the Japanese yen. Futures for crude oil lost as much as 1.47 percent to $92.30 per barrel in New York today. The drop was caused by the increase of US inventories of crude and by the deal between Iran and world powers. Crude is the major export commodity of Canada, making it […]
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November 272013
Yen Drops to Multi-Year Lows
The Japanese yen sank today, reaching the lowest level since 2009 against the euro and the weakest rate since 2008 versus the Great Britain pound. The market sentiment was mildly positive, making the currency unnecessary in its role of a safe asset. The Bank of Japan monetary policy minutes suggested that inflation will not reach target by the time set by the central bank. At first, the yen was not bothered by the news. But it […]
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November 272013
Euro Relief Rally Fades
Earlier, the euro rallied in relief as Germany announced an agreement to form a governing coalition. Concerns about Germany had weighed on the 17-nation currency, but a rally took over. Now, though, that rally is fading and the euro is heading down against some of its major counterparts. As the largest economy in the eurozone, Germany is very influential when it comes to the euro, and when it comes to the performance of the eurozone. Therefore, it has […]
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November 272013
Soft Economic Data Limits US Dollar
The latest economic data out of the United States is somewhat soft, and that is weighing on the greenback today, limiting its progress. The dollar is lower against its European counterparts, and paring some of its gains against other currencies. US economic data released earlier showed disappointing softness. Durable goods orders in the United States dropped by 2 per cent during October. Expectations were for a 1.7 per cent […]
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November 272013
Stable UK Economic Growth Helps GBP to Surge
The Great Britain pound jumped to the highest rate since January against the US dollar and surged to the strongest rate since 2008 versus the Japanese yen today as data showed that the United Kingdom was able to maintain stable economic growth. UK gross domestic product expanded 0.8 percent in the third quarter of 2013 from the previous three months, showing the same rate of growth as in the second quarter. GDP growth was 1.5 […]
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November 272013
NZD Profits from Shrinking Trade Deficit, Unable to Outperform USD
The New Zealand dollar climbed against the Japanese yen, but fell versus the US dollar today. The New Zealand currency was supported by the unexpected decrease of the nation’s trade deficit, but was unable to outperform its US counterpart. The New Zealand trade balance deficit shrank from NZ$216 million in September to NZ$168 million in October. Analysts expected the gap to widen to $345 million. The data benefited the kiwi, but the threat of Dectaper […]
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November 272013
US & European Fundamentals Battle for Control of EUR/USD
EUR/USD was rising today as two of the biggest German political parties were able to form a coalition government and the German consumer confidence improved. (Event A on the chart.) Yet good macroeconomic data from the United States was able to erase gains of the currency pair almost completely. Initial jobless claims fell from 326k to 316k last week instead of rising to 331k as was predicted by analysts. (Event B on the chart.) Durable goods […]
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November 272013
GBP/USD Stronger After Carney’s Speech
The Great Britain pound rose against the US dollar and the Japanese yen even as the central bank Governor signaled that an interest rate hike will likely not happen very soon. The currency fell versus the euro. Mark Carney, Governor of the Bank of England, explained yesterday that the 7 percent unemployment level is a “threshold” to reach before considering raising interest rates and timing for reaching it is a “subject to uncertainty”. Carney […]
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November 272013
Yen Not Bothered by BoJ Minutes
The Japanese yen rose against the US dollar yesterday, maintaining its gains today, and was little changed against the euro and the Great Britain pound after the Bank of Japan released its monetary policy minutes. The BoJ released the minutes of its October meeting yesterday. As was expected, all Board members voted unanimously for maintaining stimulus measures unchanged. Yet the minutes still managed to surprise market participants as some of policy makers […]
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