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Day: February 28, 2014
February 282014
CAD Mixed After Confusing GDP Report
The report about Canada’s economic growth was mixed and did not provide a clear picture of the nation’s economic health. As a result, the Canadian dollar rose against its US peer, fell versus the euro and was little changed against the Japanese yen. Canada’s gross domestic product expanded 2.9 percent in the fourth quarter of 2013 from a year ago. The growth was faster than the third quarter’s 2.7 percent. Quarter-on-quarter, the pace […]
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February 282014
Yuan Falls Against the Dollar by the Most in 20 Years
The Chinese yuan is sliding again, continuing the two-week drop against the US dollar. It appears that Chinese officials are intervening, bringing the yuan’s value down after letting gain slowly but steadily against the greenback for years. With economic news in China pointing to slower growth, it looks as though Chinese officials are ready to step in and remind everyone in the world who controls the value of the yuan (also called […]
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February 282014
Euro Gains, Encouraged as Draghi Sticks to the Script
Euro is logging gains today, after yesterday’s disappointing losses. Euro is finding support as ECB president Mario Draghi continues to hold the line on policy, leading many to believe that more easing won’t be coming at the next ECB meeting. Today, the European Commission released number that show continued low inflation, as well as relatively high unemployment. However, concerns that the European Central Bank will take […]
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February 282014
Polish Growth Accelerates, Increases Attractiveness of Zloty
The Polish zloty gained today as nation’s economic growth is accelerating, demonstrating that the economy is on track to recovery. The data suggests that an interest rate hike may happen very soon, adding to the attractiveness of the currency. Poland’s Central Statistical Office reported that gross domestic product rose 2.2 percent in the fourth quarter of 2013 from a year ago after increasing 1.8 percent in the third quarter. The economy expanded 0.8 […]
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February 282014
Fundamentals Do Not Favor Aussie
The Australian dollar slipped today, falling against the Japanese yen, as most fundamentals were not in favor of risk-related currencies. The Aussie was almost flat against its US counterpart, which was hurt by poor economic reports from the United States. There are plenty of reasons for riskier currencies, and the Australian one in particular, to fall. The general risk negative sentiment of the Forex market is one of such reasons, while prospects for continuing […]
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February 282014
EUR/USD Jumps on Smaller Prospects for Additional Stimulus
EUR/USD surged today as eurozone annual inflation was at 0.8% in February, a bit higher than was expected, and the unemployment rate remained unchanged in January. (Event A on the chart.) The positive data reduced chances for additional monetary stimulus from the European Central Bank on the next week’s policy meeting. US reports were mixed today. US GDP grew 2.4% in Q4 2013, according to the preliminary estimate, revised down from the advance value […]
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February 282014
Yen Rallies vs. Dollar as Tensions in Ukraine Escalate
The Japanese yen rallied against the US dollar yesterday and continue to gain today as the political turmoil in Ukraine feeds the risk-negative mood on financial markets. The currency also rallied against the euro and the Great Britain pound. The political tension intensified as the separatists in Crimea were speaking that the region should leave Ukraine and perhaps join Russia. Russian military forces started exercises in the western regions of the country. The chances of war are perceived to be slim […]
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