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Day: March 19, 2014
March 192014
Pound Gains After Employment Report
The Great Britain pound gained today after positive employment report reinforced the favorable outlook for Britain’s economy. The currency retained strength even as the central bank voiced concerns about the sterling’s appreciation. Unemployment claims fell by 34,600 in February from the previous month, exceeding the forecast of 23,300 drop. The unemployment rate stayed at 7.2 percent. The Bank of England released the minutes of its March policy meeting, voicing opinion that the impact of the sterling’s […]
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March 192014
Yen Continues to Show Weakness
Yen continues to show weakness today, heading lower against some of its major counterparts, particularly the US dollar and the UK pound. There is shorting of the yen as Forex traders consider the possibility of global economic recovery, and as the events in Ukraine continue to be mostly a non-issue for world markets. Even though there had been some concern over events in Ukraine and the annexation of Crimea by Russia, things are settling right now, since […]
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March 192014
Worries Grow That ECB Will Have to Ease Soon
The euro continues to struggle a bit today as concerns about what’s next for eurozone monetary policy grow. There is speculation that the ECB will have to ease policy further in order to stimulate the eurozone economy, and that has some worried about what could be next. Even though wage growth in the eurozone outpaced consumer prices in the fourth quarter of 2013, the reality is that the eurozone is still lagging behind […]
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March 192014
Ruble Rises as Impact of Sanctions Against Russia Considered Limited
The Russian ruble rose today, gaining for the third session, on speculations that the impact of sanctions that the United States and the European Union are going to impose on Russia will be limited and they will not influence the Russian economy very strongly. The USA and the EU agreed on asset freezes and visa restrictions for several Russian and Ukrainian officials, the move that was considered to be not very impressive. Many economists believe that the West […]
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March 192014
EUR/USD Sinks as FOMC Reduces Asset Purchases
EUR/USD tumbled today after the Federal Open Market Committee decided to continue with asset-purchases reductions, trimming monthly purchases by another $10 billion. Moreover, FOMC signaled that it may raise interest rates by the end of 2015. Such move was expected, but the market reacted to the announcement in a very strong manner. Current account deficit fell from $96.4 billion in Q3 2013 to to $81.1 billion in Q4. Analysts’ estimate […]
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March 192014
Pound Remains Soft as Carney Speaks About Low Interest Rates
The Great Britain pound fell yesterday and retained losses today as Bank of England Governor Mark Carney reiterated in his speech the commitment to keep interest rates low for a prolonged period of time. Carney said during his speech at Cass Business School in London: As the MPC has signalled, a low for long interest rate environment will likely be with us for some time. The MPCâs new guidance that any adjustments in rates, […]
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March 192014
Poloz Says Interest Rate Cut Possible, Hurts Canadian Dollar
The Canadian dollar sank yesterday after Bank of Canada Governor Stephen Poloz signaled that he is prepared to cut interest rates in case the economy worsens. The currency is attempting to recover today but is not good at this so far. Poloz was not particularly optimistic in his speech to Halifax Chamber of Commerce yesterday, saying: Canadaâs economy has been in recovery since 2009 — for four years — yet […]
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