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Day: July 10, 2014
July 102014
Pound Under Pressure as UK Recovery Wanes
Poor economic data was weighing on the Great Britain pound recently, and today’s trading session was not different. Housing and trade data came out worse than was expected, suggesting the Britain’s recovery is losing steam. The Bank of England remained passive at today’s policy meeting. Royal Institution of Chartered Surveyors reported that the House Price Balance was at 53 percent in June, below expected 55 percent, as demand […]
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July 102014
Ringgit Struggles Even After Central Bank Raises OPR
The Malaysian ringgit climbed against the euro today after the central bank lifted its benchmark Overnight Policy Rate for the first time in more than three years, signaling about optimistic outlook for the nation’s economy. The currency struggles to maintain the rally and remained below the opening level against the US dollar. The Bank Negara Malaysia raised its main interest rate by 25 basis points to 3.25 percent today. The central bank was […]
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July 102014
Draghi’s Proposal for the Eurozone Doesn’t Help Euro
European Central Bank President Mario Draghi has called for new economic rules in the eurozone. These rules are designed to promote greater integration in the 18-nation currency region, with the point hopefully to stave off the economic disparities that led to the sovereign debt crisis among the periphery. The plan isn’t helping the euro’s performance much today, though. It’s not a big surprise that the ECB is proposing some changes to the economic […]
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July 102014
NZD/USD Turns Down After Reaching Highest Since 2011
The New Zealand dollar fell today, even though manufacturing data from the South Pacific nation was rather good, but not before reaching the highest level since 2011 against its US counterpart. The BusinessNZ Performance of Manufacturing Index advanced from 52.6 in May to 53.3 in June, indicating expansion of the sector. It was a 21st consecutive month of expansion. Yet for whatever reason, be it concerns about Chinese […]
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July 102014
Australian Dollar Behaves Erratically After Employment Report
Australian employment demonstrated better-than-expected growth last month, and it bolstered the Australian dollar at first. Yet not everything in the report was good, and Forex market participants turned their attention to the bad parts of the data subsequently, making the currency sink afterwards. Australian employers added as much as 15,900 jobs in June, compared to the predicted increase of 12,300 and the May drop by 5,100. Yet the growth was driven by part-time jobs creation, while full-time […]
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July 102014
EUR/USD Pares Three-Day Rally
EUR/USD ended its three-day rally today with a sharp drop that erased this week’s gains. Among reasons for the plunge were very bad reports about industrial production in France (event A on the chart) and Italy (event B on the chart) as well as crisis in Portugal’s banking sector. Meanwhile, US unemployment claims dropped unexpectedly, leading to additional gains of the dollar against the euro. Initial jobless claims dropped from 315k to 304k […]
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