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Day: December 18, 2013
December 182013
Dollar Post-Tapering: Strongest in Five Years vs. Yen
The US dollar jumped today, reaching the highest level in five years against the Japanese yen, after the Federal Reserve announced tapering of its asset-purchase program. The currency maintained losses versus the Great Britain pound. The Fed announced that it is going to reduce the size of monthly purchases: In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions, the Committee decided to modestly reduce the pace of its asset […]
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December 182013
Aussie Supported by Stevens’ Comments
The Australian dollar was little changed against its US peer and rose versus the Japanese yen today after Reserve Bank of Australia Governor Glenn Stevens signaled that interest rates does not deter economic growth, meaning that there is less incentive for the central bank to cut rates further. Stevens said today in his testimony to the House of Representatives Standing Committee on Economics in Canberra: The Board has maintained […]
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December 182013
Indonesian Rupiah Falls on Ore Export Ban Concerns
The Indonesian rupiah fell today on concerns that the nation’s current-account deficit will widen after the government will implement the planned ore export ban. The Indonesian government wants to process ore domestically and plans to forbid selling it overseas. It may be beneficial to the economy in the long run, but in the short term it will likely lead to an increase of the current account shortage. The rupiah fell on such outlook as well as due to traders’ […]
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December 182013
Loonie Loses Ground as Traders Await Taper News
The Canadian dollar is most at risk for weakness in a situation that involves the Federal Reserve in the United States tapering its asset purchase program. As a result, the loonie is experiencing a degree of weakness as Forex traders await the outcome of a two-day Fed meeting slated to end today. With the United States as Canada’s largest trading partner, the fact that there is a divergence in monetary policy is weighing on the loonie. In fact, among G-7 nations, […]
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December 182013
Japanese Yen Weaker Against Major Counterparts
Japanese yen is weaker today, thanks in large part to the continued efforts to maintain stimulus measures in Japan. The latest trade deficit data doesn’t appear to be changing anything at this point, either. In November, Japan saw a year over year rise of 1.29 trillion in its trade deficit. This is a new record, as well as the 17th straight month of a deficit for Japan. The big difference is due mostly to energy. While […]
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December 182013
EUR/USD Crashes After Tapering Announcement
EUR/USD was rising steadily today, but crashed after the Federal Open Market Committee announced tapering of its asset-purchase program. The reduction was not very strong, but it was big enough to shake the Forex market. Now, as tapering has occurred, traders will turn their attention to other issues, including the proposed US budget plan, which may help to prevent another fiscal cliff. Housing starts […]
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