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Day: December 20, 2013
December 202013
Pound Drops for Second Day, Losing Support from Fundamentals
Economic news from the United Kingdom was rather poor today, making the Great Britain pound fall for the second session, hurting optimism about recovery in the country. The GfK Consumer Confidence index dipped from -12 to -13 in December instead of rising as was predicted. Nick Moon, Managing Director of Social Research at GfK, expressed his worries: Although a single point move is not statistically significant, what matters is […]
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December 202013
Turkish Lira Weak amid Corruption Scandal
The Turkish lira depreciated today after the corruption scandal in the Middle Eastern country made overseas investors reluctant to bring money into the country. The government dismissed 14 police chiefs after several officials and their relatives were detained in an inquiry into graft and corruption. Some politicians tried to lay blame on outside forces that want to damage Turkey’s reputation. Such events create environment that is definitely not healthy […]
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December 202013
Euro Struggles to Regain Ground After Credit Rating Downgrade
The European Union experienced a downgrade in its credit rating earlier today. Along with that news, and following on the heels of expectations for a stronger dollar on Fed tapering, it’s little surprise that the euro has been struggling. However, after some earlier losses, the euro has managed to gain some ground. Euro is regaining ground lost earlier as a result of disappointing news. The European Union‘s overall credit rating has been […]
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December 202013
Yen Weakness Continues After BOJ
Yen weakness continues today, thanks in large part to the latest decision from the Bank of Japan. Also affecting the yen’s performance is the fact that there’s a lot of optimism about global economic recovery right now, and that means that the demand for a safe haven like the yen is low. The Bank of Japan decided to maintain its plan to add to the money base each year. The current plan is to add between 60 […]
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December 202013
Canadian Dollar Shows Unexpected Strength
The Canadian dollar was surprisingly strong as it was rising yesterday and continued to rally today even as the Federal Reserve tapering announcement made riskier currencies less attractive to Forex traders. As most other currencies, the loonie dropped against the US dollar on the day when the Fed decided to trim its stimulus program. Some analysts argue that the current rally is nothing more than a short-term correction after the big move […]
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December 202013
Dollar Keeps Gains After Tapering
The US dollar maintained gains against most of its major peers today as the Forex market was digesting the Federal Reserve policy announcement. The currency fell against the Japanese yen intraday, but recovered later. The Fed announced yesterday that it is reducing the size of its monthly asset purchases from $85 billion to $75 billion per month. The dollar surged on the news and the rally has not lost momentum still […]
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