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Day: May 21, 2014
May 212014
UK Pound Maintains Gains After BOE Minutes
The minutes from the latest Monetary Policy Committee have been released, and there are signs that members of the committee are trying to decide how much slack there is in the market, and when they can start cutting back on bond asset purchases and when it makes sense to raise interest rates. Every month, the Bank of England’s Monetary Policy Committee meets to decide what it will do when it […]
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May 212014
Aussie Drops with Consumer Sentiment
The Australian dollar dropped today as Australian’s consumer sentiment sank this month, hurt by the announcement of the Federal Budget that showed spending cuts and a new tax. The Westpac Melbourne Institute Index of Consumer Sentiment sank by 6.8 percent in May from the previous month. Bill Evans, Westpac’s Chief Economist, commented: The sharp fall in the Index is clearly indicating an unfavourable response to the recent Federal Budget. This puts the Index at its lowest […]
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May 212014
No Stimulus from BoJ, Yen Higher
The Japanese yen rallied today after the Bank of Japan left its monetary policy unchanged, refraining from adding monetary accommodation. Absence of stimulating measures is usually positive for a currency, and so it was in this case. The BoJ left interest rates near zero and the size of annual asset purchases at ¥60–70 trillion, in line with market expectations. The central bank said in the statement that “Japan’s economy has continued to recover […]
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May 212014
FOMC Provides No Surprises, EUR/USD Trims Losses
EUR/USD was heading down today but has reversed its movement recently and trimmed most of its losses as of now. FOMC released the minutes of its latest policy meeting, providing no surprises as policy makers were satisfied with the current monetary policy and the pace of asset-purchases reductions. This week is rather poor on fundamental data from the United States, providing no help for EUR/USD in determining direction of movement. The currency […]
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