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Day: January 24, 2014
January 242014
Sterling Reacts Poorly to Carney’s Speech
The Great Britain pound sank today as Bank of England Governor Mark Carney said that interest rates would not be raised prematurely and that the strong currency may be detrimental to economic growth. Previously, there were speculations that the BoE will raise borrowing costs sooner as unemployment was falling. Carney agreed that the 7 percent unemployment level, which is a threshold for considering higher interest rates, […]
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January 242014
Swissie Profits from Aversion to Risk
The risk aversion sentiment, which hurt currencies of emerging markets, plays in favor of safer ones, including the Swiss franc. The Swissie, along with the Japanese yen, is one of the strongest currencies in the current risk-off environment. Investors flee risky assets in search for safer ones and the franc is one of logical destinations for them. Of course, there is a downside in the form of the currency cap imposed by the Swiss National Bank. Yet the Swissie is still […]
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January 242014
Won Falls as Risk Aversion Drags Asian Currencies Down
Asian currencies fell today and the South Korean won was the biggest loser among them. Wide-spread risk aversion on the Forex market made investors flee riskier assets and stick to safer ones. There are plenty of reasons for investors to worry about. The Federal Reserve’s quantitative easing tapering, signs of economic slowdown in China, political turmoil in several emerging economies make the environment very unhealthy for risky investments. Unsurprisingly, traders prefer […]
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January 242014
US Dollar Heads Higher as Risk Aversion Sets In
US dollar is heading higher today, thanks in large part to the fact that risk aversion is setting in. Stock markets around the world are falling, and there are global economic concerns with the latest news out of China. The latest economic data out of China is weighing on markets around the world today. Chinese data was weaker than expected and risk aversion is setting in as a result. High […]
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January 242014
Risk Appetite Flees and Euro Struggles
Risk appetite has left currency market, and the result is a struggling euro right now. There has been some good news out of the eurozone, with Ireland and Spain exiting their bailouts, but there are still plenty of troubles and the European economic recovery may be far from certain. Borrowing costs in countries hit hardest during the sovereign debt crisis in the eurozone are down. Costs in Italy, Portugal, […]
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January 242014
NZD Drops vs. USD on Risk Aversion, Trims Drop vs. JPY
The New Zealand dollar fell against the US dollar today as risk aversion caused by poor macroeconomic data from China hurt demand for commodity-linked currencies. The kiwi also sank versus the Japanese yen yesterday, but bounced a little today. The unexpected decline of China’s manufacturing sector hurt high-beta currencies, including New Zealand’s one. China is the biggest trading partner of New Zealand. The crisis in Argentina also harmed the risk […]
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