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Day: June 4, 2014
June 42014
Dollar Rallies on Services PMI, Shrugs Off Negative Employment Data
The US dollar rallied today with help of a positive report about the services sector. The currency managed to log gains even though the private employment report was not as good as economists expected. Automatic Data Processing reported that employment grew by 179,000 jobs in May. The actual growth rate was far slower than predicted 217,000. This data made traders worry that the official report released on Friday will […]
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June 42014
Loonie Falls After BoC Meeting, Tries to Regain Strength
The Canadian dollar dropped today after the nation’s central bank maintained its overnight rate unchanged, in line with market expectations. Losses were limited, though, and the currency returned close to the opening level against some of its counterparts, including the euro and the Japanese yen. The Bank of Canada left its main interest rate at 1 percent at today’s policy meeting. The central bank commented on the state of the Canadian economy: The Canadian economy grew […]
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June 42014
UK Pound Soft due to Shop Price Deflation, Supported by Services PMI
The Great Britain pound was soft today as shop price deflation persisted last month, suggesting that the UK economy is not yet completely healthy. Losses were limited, though, as the services sector continued to demonstrate robust expansion. British Retail Consortium reported that shop prices fell 1.4 percent in May, at the same rate as in the previous month. At the same time, the Markit/CIPS UK Services Purchasing Managers’ Index was […]
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June 42014
Indonesian Trade Deficit Leads to Losses for Rupiah
The Indonesian rupiah dropped today on speculations that the growing trade balance deficit will spur overseas investors to pull their money out of the nation’s economy, diminishing the appeal of Indonesia’s assets. The trade gap widened to $1.96 billion in April, the highest level in nine months. It may lead to growth of the current account deficit, and this is a troubling prospect for the Indonesian economy as last year the big current account shortage led to massive […]
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June 42014
EUR/USD Drops as US Services PMI Rises
EUR/USD dropped today as the gauge of the US services sector improved last month much more that was expected. Even the disappointing employment data did not help the currency pair to gain ground. Other reports were also mixed. ADP employment demonstrated growth by 179k in May, while analysts predicted it to be at 217k, close to the previous month’s reading of 215k. (Event A on the chart.) Trade balance deficit widened to $47.2 […]
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June 42014
Aussie Struggles to Keep Gains Fueled by GDP Report
The Australian dollar rallied today with help of favorable economic reports, including the GDP report that showed accelerating economic growth in Australia. The Aussie has trouble keeping gains, retreating close to the opening level versus its US peer and halting the rally against other currencies. The official data showed that Australia’s gross domestic product grew 1.1 percent in the first quarter of 2014 from the previous three months. The increase […]
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