Day: December 3, 2014

December 3
2014

Sterling Rallies with Help of Positive News from Britain

The Great Britain pound rallied today due to a positive report about the UK service industries and the upward revision of growth forecast. The currency managed to gain against almost all its most-traded peers, including the US dollar. The Markit/CIPS UK Services PMI climbed from 56.2 in October to 58.6 in November, far above analysts’ projections. Chancellor George Osborne was rather optimistic in his Autumn Statement 2014 speech to the Parliament. In particular, […]

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December 3
2014

US Economic Indicators Remain Beneficial for Dollar

The US dollar gained against nearly all its major counterparts as US macroeconomic indicators continue to be beneficial for the currency. The Great Britain pound was among the few currencies that held ground against the greenback. Automatic Data Processing reported that US employers added 208,000 jobs in November. While the figure was somewhat below expectations, it still demonstrated solid performance of the US labor market. The services index […]

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December 3
2014

Loonie Recovers to Some Degree

The Canadian dollar has been struggling recently, but seems to be enjoying something of a breather right now. The loonie is a little bit higher against the US dollar, thanks in part to slightly higher oil prices today, as well as some profit taking. Recent losses to oil have impacted the Canadian dollar quite a bit. The Canadian economy relies heavily on oil, and when oil prices drop, the loonie tends to follow suit. […]

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December 3
2014

Euro Falls Across the Board Ahead of ECB

Speculation is running high that the ECB will announce more easing actions after its policy meeting tomorrow. As a result of poor economic data, the euro is at its weakest in more than 24 months, and many expect more weakness from the 18-nation currency. Tomorrow, ECB President Mario Draghi will announce what’s next for monetary policy in the eurozone. Many expect that policymakers will announce further efforts […]

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December 3
2014

Ruble Drops to Record Low as Russian Economy Suffers

The Russian ruble fell today, touching the record low level versus the US dollar, as Russia’s economy suffers from the impact of sanctions and declining oil prices. The United States and the European Union imposed sanctions of Russia due to its supposed involvement in the Ukrainian conflict. This coincided with the big drop of prices for crude oil. As a result, the Russian economy is on the brink of recession. And it makes the ruble very unattractive for traders. USD/RUB rose […]

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December 3
2014

NZ Dollar Weakens for Second Day

The New Zealand dollar weakened today, falling for the second session against the US dollar and the Japanese yen. The kiwi was moving sideways against the greenback for the past three months. Against the yen the New Zealand currency was rising since the end of October but halted its rally at the end of November. The weakness of the New Zealand dollar can be explained by the decline of commodity prices and the strength of the US currency. The performance of the kiwi is correlated […]

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December 3
2014

Data from USA Makes EUR/USD Drop to New Low

EUR/USD sank to a new multi-year low today as economic data from the United States continued to show growth of the economy in contrast to indicators from Europe. While US employment growth was not as big as some market participants have hoped for, it was still robust and beneficial to dollar’s performance. ADP employment growth was at 208k in November on a seasonally adjusted basis. While the actual value was not bad, staying […]

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December 3
2014

AUD Drops to Lowest Since 2010 vs. USD

The Australian dollar fell today, reaching the lowest rate since July 2010 against its US counterpart. The currency dropped as Australia’s economic growth slowed, missing analysts’ projections. The Australian Bureau of Statistics reported that gross domestic product grew 0.3 percent in the third quarter of this year from the previous three months on a seasonally adjusted basis. The median forecast promised a 0.7 percent increase. GDP expanded 0.5 percent […]

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December 3
2014

Pound Drops vs. Dollar, Holds Ground vs. Other Peers

The Great Britain pound fell against the US dollar yesterday and maintained losses today. The sterling’s performance against other currencies, including the euro and the Japanese yen, was far better. British Retail Consortium released a report today that showed a drop of the Shop Price Index by 1.9 percent in November, the same as in the previous month. The report followed yesterday’s data that demonstrated a drop of the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ […]

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