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Day: June 24, 2014
June 242014
Pound Drops, Driven by Dovish Comments from Carney
The Great Britain pound dropped today against the majority of most-traded currencies as UK policy makers tempered bets on interest rate hikes in near future by their dovish comments. Market participants, who have thought that central bank will tighten monetary policy soon, were unprepared for this. Bank of England Governor Mark Carney together with some other Bank members were speaking today at the Treasury Committee Hearing […]
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June 242014
Dollar Higher on New Home Sales & Consumer Confidence
The dollar is broadly higher against other most-traded currencies today after positive reports about new home sales and consumer confidence allowed the currency to rise, erasing previous losses versus the euro. The Conference Board consumer sentiment index climbed from 82.2 in May to 85.2 in June, exceeding the predicted value of 83.6 by a wide margin. New home sales were at the seasonally adjusted annual rate of 504, 000 in May, compared […]
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June 242014
Euro Continues to Hold Its Own
Euro continues to hold its own in Forex trading, in spite of recent attempts by the ECB to stimulate the economy by weakening the currency. Poor data out of the eurozone isn’t slowing the euro much. In fact, the 18-nation currency is higher against many of its counterparts. The latest business activity data shows that the eurozone is slipping a bit, and there are concerns that the recent economic recovery is stalling. Even though data out […]
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June 242014
Loonie Looks for Gains Against Greenback
Speculators taking short positions on the loonie against the greenback are starting to capitulate a little bit. With inflation picking up in Canada, there is interest in what policymakers will do next, and some think that action will include some sort of interest rate hike, or some other mechanism to slow inflation. Late last week, Statistics Canada released a report on consumer prices, showing that the annual rate of inflation […]
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June 242014
Ruble Gains on Cease-Fire in Ukraine
The Russian ruble advanced today as a cease-fire agreement between the government and separatists in Ukraine led to hopes that the geopolitical crisis in Eastern Europe will be resolved. Rebels in Eastern parts of Ukraine agreed to halt fighting with Ukrainian military after the truce announced by President Petro Poroshenko three days ago. The news led to hopes that the political crisis, in which Russia is also involved, may come to an end soon. The ruble […]
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June 242014
Won Edges Higher as Exporters Convert Earnings
The South Korean won ticked up today on signs that Korea’s exporters were converting their overseas earnings into the local currency before the end of the month, increasing demand for the won. As it usually happens, exporters were buying local currency for their month-end needs, creating a temporary surge of demand for the won. Yet the rally was limited on concerns that South Korean policy makers may take steps to prevent appreciation. […]
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June 242014
Rally of EUR/USD Fails due to US Sentiment & Housing Data
EUR/USD attempted to rally today, ignoring the disappointing report about German business climate (event A on the chart), but the rally failed after the release of better-than-expected data about US consumer confidence and new home sales. Most other reports from the United States were good as well, though not all of them. S&P/Case-Shiller home price index rose 10.8% in April from a year ago. The reading was far below the forecast […]
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