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Day: May 27, 2014
May 272014
Indian Rupee Falls, Still Looks Attractive
The India rupee fell today, and analysts say that the most likely reason for the drop is that local importers were buying dollars. The currency dropped even as economic data from the country was rather positive. It looks like Indian importers were buying dollars to pay their bills before the month ends, resulting in today’s drop of the rupee. The currency still looks attractive due to hopes for reforms from the new […]
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May 272014
Forint Drops as Hungarian Central Bank Cuts Main Interest Rate
The Hungarian forint declined today after the nation’s central bank lowered its main interest rate for 22nd consecutive month, extending the longest monetary-loosening cycle in Europe, and signaled that additional rate cuts are likely. The Magyar Nemzeti Bank slashed its key interest rate by 10 basis points to 2.40 percent today. The bank said in the statement: The improvement in perceptions of the risks associated with the economy provided scope for a further cautious […]
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May 272014
US Dollar Resumes Its Recent Rally
US dollar is heading higher again today, gaining against its major counterparts as European currencies struggle. Positive economic data in the United States is helping, as are concerns about what’s next for some of the European currencies. There is a lot going on to support the US dollar today, and the greenback is taking advantage. Coming off a long holiday weekend, for Memorial Day, the greenback is heading higher. Trading the last […]
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May 272014
UK Pound Pulls Back After Strong Run
UK pound is pulling back today, following a strong run earlier. Sterling has been enjoying unprecedented strength, and is now taking a bit of a breather as traders and others re-assess the situation. UK pound has been enjoying quite the bull run recently. However, today the UK pound is pulling back a bit against its major counterparts. Rather than being seen as poised to move further ahead, some […]
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May 272014
EUR/USD Reverses Gains After Set of Good Reports from USA
EUR/USD dropped today, reversing yesterday’s gains, after a bunch of good economic reports was released from the United States. It allowed the dollar to gain on the euro ahead of Thursday’s report that is expected to show a deterioration of the US economy. The euro was also weak due to yesterday’s speech of European Central Bank President Mario Draghi who yet again signaled about a high probability of additional monetary stimulus in June. […]
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May 272014
Shekel Gains on Dollar as Bank of Israel Maintains Interest Rates
The central bank of Israel left its main interest rate unchanged, surprising Forex market participants. This allowed the Israeli New Shekel to rise against the US dollar today, though the currency retreated against the euro. The Bank of Israel announced yesterday that it leaves its main interest rate at 0.75 percent. The bank commented on the decision: The decision to keep the interest rate for June 2014 unchanged at 0.75 percent is consistent […]
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