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Day: May 29, 2014
May 292014
Loonie Gains Ahead of GDP Report as Current Account Deficit Narrows
The Canadian dollar rallied today ahead of tomorrow’s report about gross domestic product as the nation’s current account deficit shrank last quarter. The currency remains strong, though it was trading sideway’s lately. Canada’s current account deficit narrowed by $3.3 billion to $12.4 billion in the first quarter of this year on a seasonally adjusted basis, exactly as forecasters predicted. The report said: This increase was led by an improved trade in goods […]
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May 292014
Dollar Resilient in Face of GDP Contraction
The US dollar was resilient today in face of data that showed a contraction of the US economy last quarter, the first decline since 2011. The currency fell initially after the report but managed to erase most of its losses by now. US gross domestic product fell 1.0 percent in the first quarter of 2014 after rising 2.6 percent in the previous three months. The drop was expected by market analysts but they have […]
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May 292014
Brazil’s Central Bank Ends Longest Cycle of Monetary Tightening
The Brazilian central bank halted the record stretch of interest rate increases, refraining from boosting borrowing costs at the latest policy meeting that has ended yesterday. The real retained its strength, rising against the dollar today in spite of the news. The Central Bank of Brazil left its target interest rate at 11 percent after nine consecutive rate hikes. The central bank struggles to tame rising inflation without endangering economic […]
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May 292014
Aussie Gains Ground on Business Investment Data
The Australian dollar is moving higher today, gaining almost across the board on the latest business investment data. The idea that, perhaps, the Australian economy doesn’t need to rely so heavily on China is helping boost sentiment toward the Aussie right now. Aussie has been struggling lately, thanks to concerns that China’s economic growth might be slowing. Because Australia is so tight with China, this […]
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May 292014
NZ Dollar Loses Shine Analysts Say
The New Zealand dollar dipped today, falling for the second day and igniting talks that the period of strength for the currency is over and a bearish trend has begun. Various technical analysts say that it looks like the kiwi is in danger of a downside breakout, while others argue that it has already occurred. The interest rate outlook, which was supportive for the currency previously, is not helpful right now as there […]
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May 292014
UK Pound Struggles a Bit
UK pound is struggling a bit right now. Some disappointing data is contributing to the situation, and, as a result, the pound’s strength is waning a bit. Sterling is struggling a little bit today, losing ground to the euro and the yen especially, even though it is currently higher against the US dollar. One of the issues with the UK pound was a sell order triggering stop loss trades yesterday, but there […]
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May 292014
EUR/USD Rebounds as US Economy Contracts
EUR/USD gained today after two sessions of losses as US gross domestic product declined last quarter, demonstrating the first drop since 2011. As for other indicators, pending home sales continued to increase, albeit slower than was anticipated, and jobless claims fell more than was predicted. US GDP contracted 1.0% in Q1 2014 according to the preliminary (second) estimate, while the advance (first) estimate showed 0.1% growth. […]
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