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Day: December 2, 2013
December 22013
CAD Slides vs. USD Ahead of BoC Meeting, Stronger vs. EUR & JPY
The Canadian dollar slid today against its US counterpart, but managed to log gains versus the euro and the Japanese yen. This week should be important for the currency as the Canadian central bank conducts its monetary policy meeting on Wednesday. The Bank of Canada will announce its monetary policy decision on December 4. It is expected that the bank will not make any changes to policy, but the wording of the statement […]
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December 22013
Sterling Rises with PMI, Sheds Gains
The Great Britain pound was rising today as the gauge of Britain’s manufacturing increased last month, exceeding expectations. Yet the currency shed part of its gains as of now and actually trades below the opening level against the US dollar. The Markit/CIPS UK Manufacturing Purchasing Managers’ Index rose from 56.5 in October to 58.4 in November. The median analysts’ estimate promised that the index would stay unchanged. The sector was expanding for the eighth consecutive […]
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December 22013
Euro Loses Ground on Mixed PMI Report
Euro is mostly lower today, thanks in large part to the fact that there are mixed results in the latest PMI report. Concerns about the ability of the eurozone to sustain its recovery moving forward are manifesting following the latest mixed data from member countries. The latest reports from Markit show that, while PMI improved overall for eight countries in the eurozone — rising from 51.3 to 51.6 — there are still […]
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December 22013
US Dollar Gains Ground on Boost from Fed Speculation
Once again, speculation about what’s next for the Federal Reserve is driving the US dollar in Forex trading. This time, it’s speculation that the Fed could actually begin tapering its asset purchases by the end of the year. US dollar is getting a boost today, heading higher against most of its major counterparts as speculation begins anew that the Federal Reserve could decide to start tapering its asset purchase […]
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December 22013
No Respite for Yen amid Risk Appetite & Monetary Accommodation
The Japanese yen fell today yet again as signs of growth in major world economies reduced demand for the currency as a safe haven, while persisting monetary accommodation in Japan continues to eat away the yen’s strength. Expansion of China’s manufacturing made Forex traders prefer growth-related currencies to safer ones. The manufacturing sector of the eurozone and Great Britain was expanding too, adding to risk appetite. Meanwhile, Bank of Japan Governor Haruhiko Kuroda reiterated […]
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December 22013
China’s Manufacturing Expansion Makes AUD & NZD Attractive
The Australian and New Zealand currencies rose today as expansion of China’s manufacturing sector beat forecasts, resulting in risk appetite and demand for growth-related currencies. The currencies lost some of their gains by now. China’s manufacturing Purchasing Managers’ Index was at 50.4 in November, unchanged from the October value, while economists predicted a drop to 50.2. The HSBC China Manufacturing PMI was also little changed at 50.8, exceeding analysts’ expectations and the preliminary figure. […]
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December 22013
Positive Data from Europe Does Not Help EUR/USD
EUR/USD extended Friday’s losses today despite positive data from the eurozone. Economic reports from the United States were good too, allowing the dollar to outperform the euro. ISM manufacturing PMI rose from 56.4% to 57.3% in November. This is compared to the predicted drop to 55.2%. (Event A on the chart.) Construction spending was up 0.8% in October from September. The reading was better than the forecast increase of 0.4% and the September fall […]
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December 22013
Do You Use Currency Analysis Reports Found Online?
Public Forex analysts work quite differently from their trading floor peers, who have to supply their reports to the in-house traders rather than to the general market participants or laymen. The former value consistency and vagueness of terms over anything else, while the latter are judged solely by the level of usefulness they provide to the floor traders of their organization. As a result, the average Forex analytical content you find online is full […]
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