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Day: December 10, 2013
December 102013
Loonie Rides Higher on Back of Commodities’ Rally
The Canadian dollar advanced today with help of rising commodity prices. Loonie’s performance is strongly correlated to moves of prices for raw materials. Futures for crude oil, the major Canadian export, rose as much as 1.21 percent to $98.52 per barrel in New York today. Copper rose 0.26 percent to $3.2665 per pound. The Standard & Poorâs GSCI Index of 24 commodities added 0.8 percent. Raw materials and other risky […]
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December 102013
Mixed Data Does Not Help Sterling Define Trend
Today’s macroeconomic data from Great Britain was mixed (though without any really bad reports), leading to the rally of the pound versus the US dollar and the drop against the euro and the Japanese yen. The house price balance of Royal Institution of Chartered Surveyors was at 58 percent in November, a bit above the October reading of 57 percent, but below forecast 59 percent. Both industrial and manufacturing production grew 0.4 percent in October […]
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December 102013
Banking Deal Expectations Boost Euro
Euro is heading higher right now, even hitting a six-week high against the US dollar at one point, thanks to expectations of a banking deal in the eurozone. Many expect a banking deal to bring greater stability to the euro, and that is helping the situation right now. Euro is heading higher right now as leaders in the eurozone appear closer to working out a deal that will create a tighter banking union in the 17-nation currency […]
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December 102013
US Dollar Struggles on Expectations of March Taper
US dollar is struggling today, mostly lower against its major counterparts as comments from Federal Reserve officials seem to indicate that the asset purchase taper isn’t likely until perhaps March. With hopes for the taper to start in December fading, the greenback is showing some weakness. Even with the recent economic data that has been better than expected, the US dollar is heading a bit lower […]
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December 102013
Aussie Flat as Fundamentals Provide No Help
The Australian dollar slipped today as domestic fundamentals were not particularly supportive for the currency. The Aussie managed to pare losses and is trading near the opening level right now. The number of home loans rose 1.0 percent in October from the previous month. The reading was a bit smaller than predicted 1.3 percent and way below the September increase of 3.5 percent. The business confidence index of National Australia Bank ticked down a little […]
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December 102013
Swedish Krona Declines with Contracting Industrial Production
The Swedish krona declined today after a report showed that nation’s industrial production contracted in October, frustrating experts who have expected an increase of the indicator. Statistics Sweden reported that industrial output shrank 1.7 percent in October from September and 5.0 percent from a year ago, seasonally adjusted. Analysts predicted an increase by 0.9 percent from the preceding month. The report said: Development remained mixed within the industry sub-sectors […]
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