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Day: February 3, 2014
February 32014
UK Data Misses Forecasts, Pound Drops
UK economic data has once again missed forecasts, and that is causing a drop for the pound against nearly all of its major counterparts. Pound is struggling today as traders become concerned that Bank of England policymakers will keep interest rates lower for an extended period of time. The disappointing data overwhelmed the news that home prices rose in January. The latest UK manufacturing data indicates that expansion was […]
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February 32014
Euro Moves Higher In Spite of Global Market Volatility
Euro is gaining some ground today, even after the difficulties seen with emerging markets and with risk appetite falling. Risk sentiment is fading, but the euro is managing to pull out some gains anyway. Concerns about emerging markets are once again surfacing as Russian manufacturing shrinks and traders are reminded of the recent data out of China that was so disappointing. Additionally, there is […]
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February 32014
Thai Baht Rallies After Elections, Rally Sustainable?
The Thai baht gained today as yesterday’s elections in Thailand ended without any significant violence. The currency is still in danger as political turmoil persisted, endangering the country’s economy and spoiling the investing climate. Prime Minister Yingluck Shinawatra initiated elections in hope to quell unrest in the country. And it looks like she failed in achieving such goal. In fact, protesters prevented voting in some areas, meaning that the elections may be annulled. […]
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February 32014
Poor Start of Week for South Korean Won
The South Korean won dropped today as poor macroeconomic data from China and quantitative easing tapering from the Federal Reserve resulted in risk aversion that hurt currencies of emerging markets. The week started with poor market sentiment as China’s manufacturing Purchasing Managers’ Index was released over the weekend, showing a drop from 51.0 in December to 50.5 in January. Such reading was expected and it still indicates expansion of the sector, […]
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February 32014
Difference Between US & Europe’s Manufacturing Drives EUR/USD Up
EUR/USD went up today on manufacturing data from the United States and Europe. The eurozone manufacturing index climbed (event A on the chart), while the US gauge was surprisingly weak. This difference allowed the euro to gain on the dollar. ISM manufacturing PMI fell from 56.5% in December (revised from 57.0%) to 51.3% in January. The actual slump was much bigger than the predicted drop to 56.2%. (Event B on the chart.) Construction spending rose […]
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February 32014
Most Credible Central Bank?
One of the main functions of global central banks is their forward guidance regarding the monetary policy they are conducting. Central banks’ projections and forecasts explicitly published in relevant statements and releases as well as implicitly transmitted via verbal communication of their leaders are also of very significant influence on many currency traders, but how credible are their words? Can Forex traders blindly follow the promises of central bankers, […]
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