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Day: May 6, 2014
May 62014
New Multi-Year Record for GBP/USD After Release of Services PMI
The Great Britain pound jumped today, reaching the new multi-year high versus the US dollar, after the gauge of the UK services industry rose, beating analysts’ expectations. The Markit/CIPS UK Services Purchasing Managers’ Index rose to 58.7 in April up from the March reading of 57.6. The consensus forecast has promised smaller increase to 57.9. This was just one more confirmation that economic recovery in the Unite Kingdom is gaining […]
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May 62014
EUR/USD Goes Higher with Help from Economic Data
The euro gained on the dollar today as the set of extremely positive macroeconomic reports for Europe reduced chances for the European Central Bank to add more stimulus at this week’s policy meeting. The currency fell a little versus the Japanese yen and retreated against the Great Britain pound. Data from Spain was especially good, showing a drop of unemployment by as much as 111,600, more than twice the forecast amount. The Markit Spain Services Purchasing Managers’ Index […]
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May 62014
Indian Rupee Rises as Elections Come Closer
The Indian rupee advanced today amid speculations that the upcoming elections will bring positive changes that will revive the nation’s economy and make it more attractive for investors. Opinion polls suggest that the main opposition Bharatiya Janata Party may win the elections, which will be held on May 16. There are hopes that such outcome will improve the political and economic climate in the country. The rupee rallied on this […]
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May 62014
Australian Dollar Finds Strength After RBA Policy Meeting
The Australian dollar jumped today after the Reserve Bank of Australia conducted its monetary policy meeting and released rather positive statement afterwards. The worse-than-expected trade balance did not hurt the performance of the Aussie to any noticeable degree. The RBA left its main interest rate at 2.5 percent and reiterated its outlook for a period of stable monetary policy: On present indications, the most prudent course is likely to be a period of stability in interest […]
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May 62014
Loonie Mixed as Traders Look for Direction
Canadian dollar is mixed today, thanks in large part to questions about what’s next for the loonie, and for currencies in general. Right now, it doesn’t seem as though many currencies are moving according to market data, and there is a great deal of head scratching going on. Loonie is mixed today, see-sawing against the euro, losing ground to the pound, and gaining against the US dollar. The general trend against the greenback is […]
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May 62014
Greenback Loses Ground on Continued Loose Policy
Even with positive data in the United States, the greenback continues to lose ground against its major counterparts. Today, the dollar index has taken a dive, thanks in large part to the way that continued quantitative easing in the United States makes other currencies attractive. Even though the economic data in the United States has been improving, there are no signs that the Federal Reserve is ready to more aggressively taper […]
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May 62014
Set of Positive Reports from Europe Boost EUR/USD
EUR/USD jumped today after a set of very good macroeconomic indicators from Europe was released, pushing the currency pair to the highest level since March. Yesterday’s data about the US services industry was very good too, while today’s report about the trade balance was in line with expectations. US trade balance deficit went down from $41.9 billion in February to $40.4 billion in March. The actual value […]
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