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Day: September 4, 2014
September 42014
Dollar Holds onto Massive Gains
The US dollar demonstrated huge gains today, mostly with help from the European Central Bank policy decision, but also due to the string of positive domestic economic indicators that supported the outlook for monetary tightening from the Federal Reserve. The major driver for the Forex market today was the ECB decision. While all major currencies rallied against the euro, the dollar profited the most from the resulting risk aversion. News from […]
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September 42014
Sterling Attempts to Gain Ground After BoE
The Great Britain pound experienced weakness today but halted its decline and attempted to gain ground after the Bank of England decided to keep its monetary policy unchanged. The BoE announced today: The Bank of Englandâs Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion. Such decision was […]
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September 42014
Yen Recovers After BoJ, Remains Soft vs. Dollar
The Japanese yen recovered a bit after earlier losses today after the Bank of Japan announced no changes to its monetary policy. While the currency remained soft versus the US dollar, it pared losses against some other majors. Japanese policy makers decided in an unanimous vote to keep interest rates close to zero and the size of asset purchases at ¥60–70 trillion. The yen was weak ahead of the meeting as traders were somewhat […]
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September 42014
Big Shock: ECB Cuts Interest Rates to Record Lows
The European Central Bank provided a big surprise to the Forex market today, cutting interest rates to new lows, sending some of them deeper into a negative territory. What was not surprising was the reaction of the euro to the news — the currency sank, falling to the lowest rate in more than a year against the US dollar. The ECB announced today that it cut the benchmark interest rate on the main refinancing operations by 10 basis points […]
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September 42014
Policy Expectations Boost US Dollar Index
US dollar is mostly higher today, thanks in large part to policy expectations. Many expect the Federal Reserve to start tightening soon, and that is leading to gains for the greenback. The latest economic data out of the United States continues to indicate that an economic recovery is underway. This recent recovery has been somewhat slow, but it is nonetheless moving in a positive direction, and that is helping the greenback. US […]
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September 42014
Euro Drops on Policy Expectations
Euro is lower today, dropping as Forex traders look ahead to policy expectations from Mario Draghi and the European Central Bank. Many expect the ECB to embark on looser monetary policy, and that is weighing on the euro. While the ECB might be quite ready to announce measures that would lead to a looser monetary policy, many expect things to head that direction quite soon. Indeed, even if Mario Draghi and other […]
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September 42014
EUR/USD Sinks After ECB Surprises Forex Market
While US economic data was very good (with the exception of the employment report), it was not the main driver for EUR/USD today. The currency pair sank after the European Central Bank cut interest rates (event A on the chart) and announced a quantitative easing program (event C on the chart). It was shock to most Forex traders who expected no change for monetary policy from the ECB. While it was widely […]
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September 42014
Chilean Peso Ignores Negative Revision to Growth Projections
The Chilean peso rose with other currencies of emerging markets thanks to the positive risk sentiment among Forex market participants. It allowed the currency to ignore a downward revision to the projected economic growth by the nation’s central bank. Hope for ceasefire in Ukraine brought risky currencies of emerging markets up, allowing some of them to ignore negative domestic fundamentals. One of such currencies was the peso, which shook off the quarterly Monetary Policy […]
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September 42014
Yen Weakens Ahead of BoJ Policy Announcement
The Japanese yen weakened today against other most-traded currencies at the early Asian session ahead of the Bank of Japan monetary policy announcement. For now, losses are not big and are not enough to erase yesterday’s gains. The BoJ will announce its policy decision later today. While market participants are not expecting changes to the existing policy, they are still nervous as BoJ Governor Haruhiko Kuroda signaled that […]
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