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Day: December 2, 2014
December 22014
Indian Rupee Gains as RBI Remains Passive
The Indian rupee gained today as the nation’s central bank kept its interest rates stable, refraining from monetary easing. At the same time, Governor Raghuram Rajan hinted that the bank is able to cut borrowing costs if necessary. The Reserve Bank of India kept all of its rates stable at today’s policy meeting, including the benchmark Bank Rate that remained at 9 percent. Previously, Prime Minister Narendra Modi […]
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December 22014
Mexican Peso Weakens Below 14 per Dollar
The Mexican peso fell today, weakening past 14 per dollar for the first time since 2012. The currency declined on concerns that falling oil prices will deter investments in the country’s economy. Mexico passed a law that will allow private firms to drill for oil, ending the government company’s monopoly. That should attract overseas investors to the country. Yet with the current slide of oil prices it is likely that […]
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December 22014
US Dollar Expected to Strengthen on Currency Wars
It looks as though another round of currency wars is expected from central banks as countries try to stimulate their economies by weakening their currencies. One of the exceptions to this move, though, is likely to be the US dollar. With the US economy strengthening recently, it is unlikely that the greenback will be a part of the next race to the bottom. Many central banks are moving to take measures designed to stimulate […]
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December 22014
Euro Trades Mixed After Producer Prices Data
Once again, economic data out of the eurozone is causing concern for Forex traders and investors. However, the disruption isn’t as widespread as some might think. Rather than trading down across the board, the euro is trading mixed against its major counterparts. The latest producer prices data fell again, declining from September to October, according to Eurostat. A 4.0 per cent decline was greater than the expected 0.3 per […]
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December 22014
Dollar Gains Against Majors
The US dollar gained against most its major peers including the euro. Better-than-expected macroeconomic data from the United States helped the greenback to log gains. Construction spending rose 1.1% in October following the 0.1% drop in September (revised from the 0.4% decline). The actual increase exceeded the median forecast of 0.6%. (Event A on the chart.) Yesterday, a report on ISM manufacturing PMI was released, demonstrating a decline from 59.0% in October to 58.7% in November. […]
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December 22014
Aussie Rises for Second Day, Gets Help from Fundamentals
The Australian dollar rallied today, rising for the second consecutive trading session. The currency advanced as the central bank left interest rates unchanged while macroeconomic indicators exceeded economists’ expectations. The RBA kept the main cash rate unchanged at 2.5 percent at today’s policy meeting. The central bank said in the statement that “growth in the global economy is continuing at a moderate pace” and in Australia “most data are consistent with moderate growth in the economy.” […]
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December 22014
Yen Gains, Under Pressure from Credit Rating Downgrade
The Japanese yen rallied yesterday and maintained its gains today. The currency was under pressure after Moody’s Investor Service decided to cut Japan’s credit rating on Monday. The yen remained soft against the Great Britain pound. Moody’s decided to slash Japan’s debt rating by one notch to A1 from Aa3, keeping the outlook stable. The rating agency explained its decision by following considerations: 1. Heightened uncertainty over the achievability […]
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