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Day: June 26, 2014
June 262014
Poor US Data Encourages Traders Stick to Safety of Yen
The Japanese yen advanced today, rising versus the US dollar and the euro, and trading little changed versus the Great Britain pound. The Japanese currency profited from worries created by worse-than-expected macroeconomic data from the United States. Personal income of US consumers rose 0.4 percent in May, while spending increased by 0.2 percent. While the data was not bad by itself and better than the previous month’s reading, it was still […]
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June 262014
BoE Mortgage Limits Do Not Threaten UK Economy, GBP Gains
The Great Britain pound gained today as experts speculated that the measures, introduced by the central bank to reduce the number of riskier mortgages, will not derail economic recovery of the United Kingdom. The Bank of England believes that the recent housing boom was caused by risky loans, and “this could pose direct risks to the resilience of the UK banking system”. As a result the Financial Policy Committee recommended to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority […]
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June 262014
Greenback Gains Ground Against Euro After Jobless Claims
US dollar is up against the euro today, gaining ground after the jobless claims report. While the report missed expectations by a little bit, the general trend is still toward economic recovery, and the rising dollar index reflects that today. The latest weekly jobless claims data is in, and initial claims fell by 2,000, dropping to a seasonally adjusted 312,000. Expectations had been to drop to 310,000, though. Even though […]
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June 262014
Euro Loses Ground on Economic Comparisons
Euro is heading lower today, after a few days of small gains. Economic comparisons are being made again, and the euro appears to have the short end of the stick. Forex traders are considering economic data again, and the eurozone continues to appear weak in comparison to other major economies. Euro is down against most of its major counterparts today, pulling back as some Forex traders take profits and as policy divergence […]
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June 262014
Taiwan Dollar Profits from US Economic Woes
The Taiwan dollar rose today, joining the rally of other riskier currencies, amid speculations that signs of faltering economic recovery in the United States will force the Federal Reserve to keep interest rates low for a longer period of time than was previously thought. As many other higher-yielding currencies, the Taiwan dollar rallied after the US economy demonstrated the worst contraction since 2009. It led to speculations that the Fed will not […]
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June 262014
NZD/USD Near Record as Traders Flee Greenback
The New Zealand dollar advanced today, trading near the all-time high against its US counterpart, after yesterday’s poor macroeconomic data from the United States triggered flight of traders from the greenback to other currencies. The gross domestic product report showed that last quarter’s decline of US economy was much bigger than was previously considered. It led to speculations that the Federal Reserve will be required […]
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June 262014
EUR/USD Loses Ground amid Quiet Trading
There were no big macroeconomic reports either from the United States or from Europe today, giving traders a breather and allowing them to digest yesterday’s news. EUR/USD was slowly going down in the meantime, perhaps because market participants were relieved that there were no more big shocks, leading to speculations that yesterday’s rally of the currency pair was overdone. Initial jobless claims were at 312k last […]
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June 262014
GBP Flat, Retains Downside Bias on High Street Sales
The Great Britain pound was little changed today. The currency is likely to retain its downside bias after the central bank’s chief shocked the market, suggesting that monetary tightening is not going to happen soon, and UK economic data was not supportive for the sterling. Confederation of British Industry reported: High street sales growth slowed markedly in the year to June, although the pace is expected to pick up next […]
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June 262014
Dollar Demonstrates Weakness After GDP Report
The US dollar fell yesterday against its major peers on signs that economic recovery in the United States is faltering. The currency extended its decline versus the Japanese yen today but stayed flat versus the euro and the Great Britain pound. US gross domestic product shrank as much as 2.9 percent in the first quarter of 2014 from a year ago according to the final estimate. The reading was far worse than the previous […]
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