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Day: October 29, 2014
October 292014
FOMC Announces End to QE3, Dollar on the Rise
The US dollar jumped against other most-traded currencies today after the Federal Open Market Committee ended the third round of quantitative easing and issued rather hawkish statement after the decision. As was widely expected, the FOMC decided to wrap up its asset-purchase program at this month’s meeting, not waiting for the next month. The major driver for such decision was signs of strength in the US labor market. The Committee explained: Information received […]
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October 292014
NZ Dollar Rallies Ahead of Policy Decisions
Positive consumer confidence data allowed the New Zealand dollar to rally ahead of policy decisions from the Federal Reserve and the Reserve Bank of New Zealand. The ANZ Business Confidence index climbed from 13.4 in September to 26.5 in October. While the figure was well below this year’s highs, it was still a very good reading, suggesting that the economy experiences robust growth. The Fed will announce its policy decision […]
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October 292014
Brazilian Real Bounces on Hopes for Economic Reforms
The Brazilian real gained today on the outlook for monetary policy and hopes that the newly reelected President will form a government able to address financial issues of the country. Investors hope that Dilma Rousseff will create a team capable to initiate reforms that will revitalize the struggling Brazilian economy, and such hopes brought the real up. Previously, the currency fell after Rousseff was reelected as such outcome of the presidential vote was not […]
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October 292014
UK Pound Struggles Against Its Major Counterparts
UK pound is struggling against its major counterparts today, heading lower as interest rates expectations weigh. With the Bank of England expected to maintain low rates, there isn’t a whole lot to help support the pound against other major currencies in Forex trading. The Forex market is buzzing after yesterday’s comments from Bank of England policymakers. Deputy Governor Jon Cunliffe said that the Bank of England could […]
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October 292014
Euro Trades Down Against US Dollar, Japanese Yen
Euro is gaining ground against the UK pound, but losing ground against the US dollar and the Japanese yen. The 18-nation currency continues to struggle as risk appetite fades from the Forex market, and as expected policy divergence between the United States and the eurozone widens. The latest measure of consumer confidence in the United States underscores the positive direction the US economy is taking. The euro is down against the greenback, in part, on that news. Trade […]
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October 292014
EUR/USD Loses Steam After FOMC
EUR/USD attempted to extend its rally today but failed after the Federal Open Market Committee announced an end to the quantitative easing and made upbeat comments about the state of the US labor market. The dollar jumped against other currencies as a result. US crude oil inventories increased by 2.1 million barrels last week and are near the upper limit of the average range for this time of year. The actual increase was below the predicted […]
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October 292014
Forint Gains as Hungarian Central Bank Keeps Rates Stable
The Hungarian forint strengthened yesterday after the nation’s central bank left interest rates unchanged, a move expected by market analysts, and pledged to keep monetary policy stable for as long as it can. The Magyar Nemzeti Bank (the Central Bank of Hungary) decided at yesterday’s meeting to keep its key interest rate at 2.1 percent. The bank has performed a long sequence of rate reductions since 2012 and now is trying to refrain from slashing […]
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October 292014
Dollar Retains Weakness Ahead of FOMC Decision
The US dollar weakened yesterday and retained its softness today as the string of poor economic data from the United States led to speculations that the Federal Reserve will not start monetary tightening as early as was thought previously. The greenback retained its gains versus the Japanese yen. The dollar was experiencing weakness recently due to poor housing data, and the situation remained the same as the durable goods orders report came out worse […]
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