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Day: March 6, 2014
March 62014
Canadian Dollar Appreciates with Support of Positive Fundamentals
The Canadian dollar advanced today with help of domestic economic reports that suggested that Canada’s growth gains momentum, adding to signs of improvement in the global economy. As most other currencies, the loonie lost to the euro, which was the top performer on the Forex market today. Building permits surged 8.5 percent in January, following the 4.8 percent decrease in December. The increase vastly outpaced the predicted gain of 1.9 percent. The Richard Ivey School […]
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March 62014
GBP Gains on Growth & BoE Outlook, Falls vs. EUR
The Great Britain pound rose today as positive economic data supported the outlook for stable economic growth, while the central bank kept monetary policy unchanged. The sterling weakened against the euro, which was supported by the monetary policy statement of the European Central Bank. The Bank of England announced today: The Bank of Englandâs Monetary Policy Committee today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets […]
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March 62014
Greenback Looks for Direction
Greenback is mixed today, looking for direction as signals indicate that dollar strength could be a fixture in coming months even while the dollar index dips due to the euro’s huge surge today. It’s an interesting way forward, and some think that the euro is overbought at this point. For now, the US dollar is mixed against its major counterparts. The big move today, though, is a surge by EUR/USD. The euro […]
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March 62014
ECB Maintains Rate; Euro Moves Higher
Contrary to some bets that the ECB would need to cut interest rates to help stimulate the eurozone economy, the central bank is holding steady. As a result, the euro is receiving a small boost in the markets, heading a little bit higher Thanks to recent economic data, especially inflation data, there are concerns about what could be next for the eurozone. The European Central Bank has been expected to take action, and there […]
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March 62014
Yen Plunges on Pension Fund Speculations
The Japanese yen dropped today as the advisory panel said that Japanâs Government Pension Investment Fund no longer needs to stick to a “domestic-bond-centric portfolio” as the country moves out of deflation. Prime Minister Shinzo Abe’s government was hoping that the GPIF will buy more domestic stocks bonds to generate higher returns for Japan’s population. But now it looks like capital may move out from Japan to foreign […]
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March 62014
Australian Economy Continues Demonstrate Improvement, AUD Higher
Macroeconomic indicators continue to suggest that Australia’s economy experiences stable growth. This led to gains of the Australian dollar. Hopes for improvement of the global economy helped the currency too. Retail sales climbed 1.2 percent in January from December, exceeding the anticipated increase of 0.7 percent. The trade balance surplus increased from A$0.59 billion in December to A$1.43 billion in January instead of falling to A$0.11 billion as was predicted. Today’s data followed […]
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March 62014
EUR/USD Surges Upward After Draghi’s Comments
EUR/USD soared today after the European Central Bank refrained from adding monetary stimulus and ECB President Mario Draghi said that inflation “should gradually increase and reach levels closer to 2%”, reducing chances for additional monetary accommodation. (Event A on the chart.) The currency pair advanced despite the positive US unemployment claims report. Seasonally adjusted initial joblesss claims fell 349k to 323k last week. The drop was bigger […]
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March 62014
Rupee Strong as Indian Current-Account Deficit Narrows
The Indian rupee was strong today as the nation’s current account deficit fell to the lowest level in four years with the help of measures that limited gold imports. The Reserve Bank of India reported that the current account gap narrowed to $4.2 billion in October-December quarter from $5.2 billion in the previous three months. The Indian government has increased taxes on gold imports three times last year. India is the biggest consumer […]
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