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Day: November 7, 2014
November 72014
CAD/JPY Touches Record High Since 2008 on Employment
The Canadian dollar got a boost from extremely positive domestic employment report, which was released today. The loonie rose against the majority of its most-trading peers, reaching the highest level since 2008 versus the Japanese yen. Like non-farm payrolls, Canada’s employment report surprised the Forex market. But unlike the US data, Canada’s employment made a positive surprise. Analysts predicted a drop by 3,900 for October, but in reality employment […]
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November 72014
Euro Gains vs. Dollar on Back of Disappointing US Employment
The euro gained on the US dollar today after employment data from the United States missed analysts’ projections. The currency also rallied versus the Great Britain pound but was unable to advance against the Japanese yen. US non-farm payrolls grew by 214,000 jobs in October. While not bad by itself, the figure was below market expectations. Yet at the same time the unemployment rate dropped to 5.8 percent, even though experts […]
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November 72014
No Help for the UK Pound in Forex Trading
There isn’t a lot of help for the UK pound in forex trading today. With recent data disappointing analysts, and with the Bank of England still not taking any action, the sterling is down almost across the board today. Sterling is losing ground to most of its major counterparts today as concerns about what’s next for the currency weigh. First of all, the drop in PMI to 56.2 from 58.7 was a bit of a setback. For the most […]
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November 72014
US Dollar Moderates a Bit
Greenback is consolidating ahead of today’s US nonfarm payrolls data for October. Dollar index is a little bit lower right now, and the euro has made a few gains following its steep losses yesterday. US dollar is evening out a bit after a spectacular rally that came yesterday on the heels of Mario Draghi’s comments about what the ECB might have to do in order to stimulate the eurozone economy. Draghi […]
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November 72014
Worst Week for Ruble Since 1999
Woes for the Russian ruble continue as the currency experienced the worst week since 1999. Analysts think that the ruble may go even lower, reaching the 50 per dollar level. Reasons for currency’s weakness remain the same: the situation in Ukraine and falling oil prices. The decline of prices for crude was hurting currencies of oil-exporting economies, while the escalating conflict in Ukraine may result in a new round of sanction against Russia. Most economists believe […]
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November 72014
Ringgit Heads to Biggest Weekly Decline Since 2013
The Malaysian ringgit dipped today as falling crude oil prices threatened the nation’s economy. Strength of the US dollar also had a negative impact on the currency’s performance. The ringgit headed to the biggest weekly decline since September 2013. Futures for crude oil dropped in New York, reaching the lowest level since 2011. This is bad news for ringgit as crude accounts for about 30 percent of Malaysia’s export revenue. The Bank Negara Malaysia […]
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November 72014
EUR/USD Rebounds as NFP Miss Forecasts
EUR/USD reached the new low for the year today but rebounded by the end of the trading session as US nonfarm payrolls grew less than analysts have expected. The report about consumer credit also frustrated traders, being below expectations. As a result, the dollar weakened against other currencies, including the euro. Nonfarm payrolls grew by 214k in October, trailing analysts’ expectations of 325k. The September’s figure was revised positively from 248k to 256k. […]
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November 72014
Australian Dollar Stable After RBA Minutes & Construction Data
The Australian dollar held steady during the current trading session after the release of the central bank’s policy minutes and the report about the construction sector. Yesterday, the currency fell against the US dollar, rose against the euro and was flat against the Japanese yen. The Reserve Bank of Australia released minutes of its latest policy meeting, and the statement had dovish bias. The central bank estimated in its outlook that economic growth and inflation will […]
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