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Day: February 26, 2014
February 262014
Mexican Peso Hurt by Unexpected Trade Deficit
The Mexican peso weakened today as the nation’s trade balance posted an unexpected deficit last month, fueling concerns about economic growth in the country. Mexico’s trade balance had a deficit of $3.2 billion in January. Economists have counted on a surplus of $314 million. Consumer confidence dropped to 84.5 last month, reaching the lowest level since April 2010 and missing the median estimate of 90.1. The poor domestic data, coupled with the general adverse […]
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February 262014
Rand Drops as Economic Growth Projection Lowered
The South African rand dropped today as Finance Minister Pravin Gordhan lowered the economic growth outlook, making nation’s assets less attractive to investors. The general market sentiment was also adverse to the currency. South Africa’s growth projection for 2014 was lowered to 2.7 percent from the October estimate of 3 percent. It is expected that in three yearsâ time the government debt may increase to 48.3 percent of gross domestic […]
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February 262014
Aussie Falls on Concerns About China
Australian dollar is vulnerable right now, and heading lower against its major counterparts. Worries about the economic situation in China, as well as concerns about commodities, are weighing on the Aussie today. China is Australia’s biggest export market, and when China starts to slow down, things slow for Australia as well. With the prospect of slowing in China, the Aussie is seeing some losses against its major counterparts on the Forex market. […]
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February 262014
Canadian Dollar Mostly Lower Against Counterparts
Canadian dollar is mostly lower today, drifting a bit as Forex traders consider their next moves. Many traders are in wait and see mode, with data releases coming up and with questions about what’s next for the Bank of Canada. Loonie is heading a bit lower against many of its major counterparts today. The currency is drifting a bit with many Forex traders waiting to see what is […]
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February 262014
US Data Surprise Positively for a Change, EUR/USD Drops
US economic fundamentals provided a pleasant surprise for a change today, following a string of worse-than-expected reports, as new home sales grew instead of falling. This made EUR/USD drop, and the downward momentum was also supported by the general risk aversion on the Forex market. Traders felt less willing to risk as China’s attempts to prevent further gains of the yuan bode ill for the global economy, while the political turmoil in Ukraine spoils the investors’ mood […]
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February 262014
Yen Rallies, Hurts Carry Traders
The Japanese yen rallied yesterday and kept its gains today as weakening of the yuan fueled concerns that Chinese economic growth is slowing. The political crisis in Ukraine added to risk aversion sentiment on the Forex market. The yen’s strength hurt carry traders, who hoped the currency to weaken. Speculations are persisting that China’s incredible economic performance is not sustainable. Attempts of the People’s Bank of China to curb gains of the yuan did […]
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