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Day: January 6, 2015
January 62015
Yuan Gains on Hopes for Economic Stimulus
The Chinese yuan gained today amid speculations that China’s government is going to bolster the nation’s economy. Economic data from the Asian country was also helpful to the currency. According to rumors, China is going to spend as much as 7 trillion yuans on infrastructure projects. Investors hope that increasing spending will revitalize economic growth that is losing momentum currently. The HSBC China Services PMI rose from […]
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January 62015
GBP/USD Drops to New Low on Services PMI
The Great Britain pound dropped today, reaching a new low versus the US dollar, as the UK services sector demonstrated weakest growth in more than a year and a half. The Markit/CIPS UK Services PMI sank from 58.6 in November to 55.8 in December instead of rising to 58.9 as was predicted by analysts. The reading was the lowest in 19 months. The sterling fell after the report, reaching the lowest level since August 2013 against the US dollar. […]
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January 62015
Euro Continues to Struggle
Euro continues to struggle today, although it is off recent lows. Concerns about the eurozone, as well as continued low oil prices are weighing on the 19-nation currency region. The euro has gained some ground since it collapsed below the $1.19 level against the US dollar yesterday, reaching a low not seen for nine years. The euro is still lower today than its open, although it is […]
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January 62015
EUR/USD Steady After Three Sessions of Decline
EUR/USD was steady today following three sessions of decline. The dollar paused its rally as today’s economic data from the United States was rather disappointing. ISM services PMI dropped from 59.3% in November to 56.2% in December, far below the predicted value of 58.2%. (Event A on the chart.) Factory orders slumped 0.7% in November, at the same rate as in October. Market analysts predicted a 0.3% drop. (Event A on the chart.) If you have […]
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January 62015
Yen Profits from Demand for Safety
The Japanese yen rallied today as the decline of prices for crude oil and the subsequent drop of stocks prompted investors to seek out safe alternatives. The yen, being considered a safe currency, was a logical choice. The decline of prices for crude continues to make traders nervous. While prices rebounded a little today, the bounce was not big enough to ease worries. As a result, the MSCI Asia Pacific Index of equities dropped 1.3 percent. There were […]
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January 62015
Australian Dollar Gains on Trade Balance & China’s Data
The Australian dollar gained today as the nation’s trade balance came out better than analysts have predicted. Macroeconomic data from China was helpful too. The Australian trade balance demonstrated a deficit of A$925 million in November. While it was an increase from the October’s A$877 million, it was still smaller than the predicted value of A$1,590 million. The HSBC Services Purchasing Managersâ Index rose from 53.0 in November […]
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