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Day: April 29, 2014
April 292014
Hungarian Central Bank Slashes Main Rate, Forint Retains Appeal
The Hungarian forint advanced today even after the nation’s central bank reduced its main interest rate. The bank was not particularly pessimistic despite the interest rate cut, helping the currency to retain its appeal. The Magyar Nemzeti Bank (Hungary’s central bank) cut the central bank base rate by 10 basis points to 2.50 percent. The bank was rather optimistic despite the cut, saying: In the Councilâs judgement, Hungarian economic […]
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April 292014
Ukraine Difficulties Erode Eurozone Confidence
The situation in Ukraine continues to deteriorate, and that is impacting confidence across the eurozone. The pessimism starting to rise in the 18-nation currency region is impacting the euro, and sending it lower against some of its counterparts. The latest confidence reading of the Economic Sentiment Indicator, used by the European Commission, indicates a drop from 102.5 to 102 in March. This is the first time that confidence hasn’t risen since April 2013. The news has many […]
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April 292014
Ruble Rebounds on Hopes for Mild Sanctions
The Russian ruble gained today on speculations that sanctions against the nation will not be too severe and the conflict with Ukraine will not result in a full-scale war. The ruble still remains among the worst-performing currencies. It is expected that sanctions from the United States and the European Union against Russia for its involvement in the conflict with Ukraine will be relatively mild. The Russian troops are moving away from […]
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April 292014
UK Pound Continues in an Upward Trend
UK pound is continuing its upward trend today, heading higher as expectations for monetary tighten improve. With data improving in the United Kingdom, and questions being raised in other major economies, the UK pound seems like the place to be right now. Better than expected data is helping the UK pound again. Last week’s positive data is providing a reason to buy sterling, and this week is only […]
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April 292014
Won Rallies on Wider Current-Account Surplus
The won advanced today as South Korean current-account surplus widened last month, supporting the positive outlook for the nation’s economic growth. There are speculations that the rally was also caused by exporters who converted their earnings into the domestic currency. The Bank of Korea reported that the current-account surplus increased from $4.5 billion in February to $7.35 billion in March. Economists estimated ahead of the official data South Korean exports grew […]
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April 292014
EUR/USD Dips as German Inflation Misses Estimate
EUR/USD plunged today as the German inflation data disappointed euro bulls, missing the analysts’ estimates. This increases chances for quantitative easing from the European Central Bank. Meanwhile, US economic data was disappointing too, but it did not help the currency pair to bounce. S&P/Case-Shiller home price index rose 12.9% in February from a year ago, exactly as was expected by market participants. The growth was at 13.2% in the prior […]
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