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Day: December 9, 2013
December 92013
Slow Japan’s Growth & Risk Appetite Hurt Appeal of Yen
The Japanese yen was down today as Japan’s economic growth missed estimates and the risk-positive sentiment of Forex traders made the currency unnecessary in its role as a safe haven. According to the second estimate, Japanese gross domestic product expanded 0.3 percent in the third quarter of this year. It was below analysts’ expectations and the previous official estimate of 0.5 percent. The current account posted a deficit in October, while economists hoped for a surplus. The data […]
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December 92013
Euro Shows Resilience in Face of Poor Economic Data
The euro remained above the opening level against the US dollar and the Japanese yen even after the set of poor European macroeconomic data was released. The currency backed off against the Great Britain pound after last week’s massive gains. The German trade balance surplus shrank from â¬18.7 billion in September to â¬16.8 billion in October, more than was expected. The Sentix investor confidence index for the eurozone unexpectedly slipped from […]
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December 92013
Canadian Dollar Struggles After Housing Starts Data
Canadian dollar is struggling a bit right now, thanks in part to housing data. The possibility of Fed tapering is also weighing on the loonie, even though it has eked out very modest gains against the greenback after being down earlier. Housing starts in Canada disappointed. Canada Mortgage & Housing Corp. reports that seasonally adjusted housing starts for November 2013 came in at 192.235. This is down […]
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December 92013
US Dollar Index Remains Soft as Traders Await Data
US dollar index remains soft right now as traders await retail sales data, expected to be released later this week. Traders are waiting to see if the US economic recovery is truly strong enough to support the idea of a taper from the Federal Reserve. For now, it’s mostly rangebound trading and a wait and see approach. While better than expected US data gave the greenback a bit of a boost last […]
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December 92013
Swiss Franc Flat as Unemployment Remains Stable & Retail Sales Grow
The Swiss franc was little changed today after reports showed that the unemployment level remained stable and retail sales continued to grow. The unemployment rate stayed at 3.2 percent in November, unchanged from the previous month. Retail sales grew 1.2 percent in October, year-on-year. The rate of growth was higher than in September (1.0 percent), but slower than analysts’ expectations (1.7 percent). The Swiss National Bank will make […]
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December 92013
NZ Dollar Rallies on Manufacturing Sales, Loses Gains
The New Zealand dollar rose at the start of the trading session after data showed that manufacturing sales jumped last quarter, but was slowly falling since then and trades below the opening level right now. New Zealand manufacturing sales increased as much as 4.7 percent in the third quarter of 2013 after falling 1.2 percent in the previous three month. The Reserve Bank of New Zealand will conduct monetary policy meeting […]
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December 92013
Can Positive Fundamentals Help Aussie Reverse Downtrend?
The Australian dollar was demonstrating weakness lately, though it was able to pare losses against the US dollar and the Japanese yen by the end of the last week. Does this mean that the currency is ready to reverse the downtrend? Not necessarily. The previous week was mixed in terms of economic reports. The Reserve Bank of Australia refrained from an interest rate cut, but signaled that it is still unhappy with the current […]
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December 92013
Book Review: Cultures of Expertise in Global Currency Markets by Leon Wansleben
Cultures of Expertise in Global Currency Markets is definitely not some average Forex trading book you read to get the basic understanding of the market or to learn a handful of new strategies. This book is an attempt to explain what is going on with the biggest participants of the FX market from the sociological rather than economical point of view. The book was published quite recently (in July 2013) and lacked any reviews when I first […]
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