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Day: December 17, 2014
December 172014
CAD Ignores Negative Domestic Fundamentals, Unable to Outperform USD
The Canadian dollar soared today with the help of rising price for crude oil. This allowed the currency to ignore negative domestic macroeconomic data though it was unable to outperform the US dollar. Futures for crude oil, which were under strong selling pressure lately, caught market participants and analysts by surprise demonstrating a substantial rally today. It was beneficial for Canada’s economy, which relies on oil exports strongly, and consequently […]
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December 172014
Dollar’s Drop After FOMC Meeting Short-Lived
Today, the Federal Open Market Committee released its last monetary policy statement this year. The US dollar dipped after the release but the drop was short-lived as the currency rebounded quickly. The FOMC kept the phrase “considerable time” for describing the period of low interest rates, yet changed the wording so the language is now applied to the past statements. Regarding its current stance, the Committee said: Based on its current assessment, […]
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December 172014
Ruble Gains with Support from Bank of Russia
The Russian ruble jumped as attempts of the Bank of Russia to stem the currency’s drop resulted in a success, at least for now. The central bank was selling dollar and pledged to help companies to meet their foreign-currency debt obligations. The Bank of Russia revealed measures it is going to take for stabilizing the financial sector. Among them, the central bank mentioned: In order to limit the impact of revaluation of assets and liabilities denominated in foreign currencies on prudential ratios of credit institutions, […]
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December 172014
GBP Gains vs. EUR & JPY After BoE Minutes & Employment Data
The Great Britain pound dropped against the US dollar today but rose versus the euro and the Japanese yen. The minutes of the latest central bank’s policy meeting revealed that some policy makers want to raise interest rates. UK employment data was good, supporting the currency. The Bank of England minutes showed that the Monetary Policy Committee voted unanimously to keep the asset-purchase program at £375 billion. Yet the MPC members Martin […]
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December 172014
Euro’s Performance Resumes Downward Trend
Earlier, the euro saw some gains against its major counterparts. Right now, though, the euro is resuming its downward trend, losing ground to most of its major counterparts. Concern about the euro, and policy divergence, are weighing on the 18-nation currency. The latest economic data out of the eurozone indicates that the economy is still expanding, albeit slowly. However, after the initial impact of the good news was over, the euro […]
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December 172014
EUR/USD Jumps After FOMC, Resumes Decline Later
EUR/USD was falling during the current trading session but jumped after the monetary policy statement of the Federal Open Market Committee turned out to be less hawkish than dollar bulls have hoped for. The rally was short-lived, though, and the currency pair resumed its decline quickly. The dollar was firm even as the recent macroeconomic data from the United States was rather poor. CPI fell 0.3% in November […]
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December 172014
Dollar Bounces After Decline
The US dollar bounced today following the decline during the previous trading session. The drop was a result of somewhat disappointing housing data from the United States. US building permits fell from 1.09 million in October to 1.04 million in November. Housing starts declined from 1.05 million to 1.03 million. Both readings were a bit below expectations. The report resulted in a drop of the US currency against major peers though the dollar […]
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December 172014
Pound Mixed Following Poor Economic Data
The Great Britain pound was mixed today following yesterday’s surprisingly strong performance. The sterling was resilient during the previous trading session even though macroeconomic data from the United Kingdom was disappointing. Britain’s Consumer Price Index rose just 1.0 percent in November. This is compared to the median forecast of 1.2 percent and the previous month’s increase of 1.3 percent. The report cited following reasons for the slowdown: Falls in transport […]
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