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Day: May 14, 2014
May 142014
Sterling Under Pressure After Employment Data & Inflation Report
The Great Britain pound was under pressure today as employment data was somewhat disappointing. The currency remained weak even as the central bank’s chief was talking about prospects for an interest rate hike. The number of claims for unemployment benefits dropped by 25,100 in April. While the figure was not bad by itself, it was smaller than the projected drop by 30,700. The unemployment rate edged down by 0.1 percentage point to 6.8 percent […]
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May 142014
Economic Outlook Makes NZ Dollar Attractive
The New Zealand dollar rose today as the outlook for the nation’s economy remains optimistic, making the kiwi more attractive. Prospects for additional monetary policy tightening added to the attractiveness of the currency. Traders were waiting for comments from the Reserve Bank of New Zealand and it did not disappoint those who were bullish on the kiwi (as the New Zealand currency is nicknamed). The central bank said in the Financial Stability Report: New Zealandâs financial system […]
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May 142014
Euro Gains Strength After Earlier Selloff
Yesterday, the euro was in the midst of a selloff after the news came out that the ECB is considering policy options to boost stimulus (and weaken the 18-nation currency). Today, though, things have leveled out the euro has gained strength on disappointing US data, BOE comments, and the fact that Asian central banks are buying up euro denominated assets. Today, the euro is recovering a bit from its difficulty related […]
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May 142014
Won Drops, Intervention Suspected
The South Korean won dropped today, leading to speculations among Forex market participants that policy makers had intervened in the currency market to bring the exchange rate down to protect the economy from excessive appreciation of the currency. Yoon Sang Jick, the Minister of Trade, Industry and Energy, said today that the won’s rally was hurting Korean’s smaller exports. The government has already warned traders against speculative bets on the currency. The won […]
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May 142014
Rupiah Rallies as Indonesia Readies for Elections
The Indonesian rupiah rallied on speculations that the presidential candidates are going to announce their vice presidential nominee today. The general market sentiment was also positive for the currency. The candidates for presidency are expected to name their running mates today. This should reduce political uncertainty, improving the investment climate for rupiah. The market sentiment was in a risk-on mode, providing additional support for currencies of emerging markets. USD/IDR declined from 11,540 […]
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May 142014
ECB Speculations Contain EUR/USD in a Range
EUR/USD attempted to rally today but failed, hurt by speculations about the possibility of negative interest rates from the European Central Bank. The currency pair is contained in a range right now, trading with a slight downside bias but still above the opening level. As for new from the United States, there were few reports, among them PPI which was better than market participants were expecting. PPI edged […]
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