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Day: February 4, 2015
February 42015
Canadian Dollar Pares Tuesday’s Gains
The Canadian dollar dropped against its major counterparts today, erasing yesterday’s gains. The currency dropped as prices for crude oil declined while concerns about global growth resulted in the market sentiment that was adverse to riskier commodity-related currencies. Futures for crude oil sank almost 7 percent in New York today as US inventories of crude continued to grow, reaching yet another record. Oil is the major export of Canada, […]
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February 42015
Yet Another Positive PMI Report Supports Sterling
The Great Britain pound ticked up today after yet another positive PMI report from the United Kingdom. The gains were relatively small compared to the yesterday’s rally as traders are cautious ahead of tomorrow’s policy decision of the UK central bank. The Markit/CIPS UK Services Purchasing Managers’ Index jumped from 55.8 in December to 57.2 in January, exceeding analysts’ expectations. The report followed yesterday’s positive construction PMI data. The Bank […]
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February 42015
PBoC Stimulating Measures Help Yuan Ignore Falling Services PMI
The Chinese yuan gained today even though the index of the services sector dropped significantly last month. The most likely reason for the rally was stimulating measures from China’s central bank. The HSBC China Services Business Activity Index dropped to 51.8 in January from 53.4 in December. While the gauge remained in the expansionary territory, the slowing growth was a bad sing nevertheless. The report followed data released earlier this week that […]
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February 42015
US Dollar Index Pushes Higher
Even though there is some weakness to the dollar today, the dollar index is pushing higher. This is due, in large part, to the greenback’s gains against the euro (which is heavily weighted in the dollar index) and the Canadian dollar. The dollar has been struggling a little bit lately, thanks to disappointing economic data. Concerns about a slowing economic recovery have some thinking that maybe the Fed won’t raise rates […]
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February 42015
New Zealand Dollar Gains on Employment & Wheeler’s Comments
The New Zealand dollar gained today after the release of employment data and comments of the central bank’s chief. The currency moved in a wide range, suggesting that trading was rather violent. New Zealand employment grew 1.2 percent in the December quarter from the previous three months, exceeding the median forecast of 0.8 percent. At the same time, the unemployment rate climbed from 5.4 percent to 5.7 percent, frustrating analysts who predicted a drop […]
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February 42015
Japanese Yen Holds on to Some of Its Gains
Japanese yen is holding on to some of its earlier gains, remaining higher against some of its major counterparts. However, there is still talk from Japanese policymakers that have the effect of weighing on the yen a little bit. Earlier, the yen got a bit of a boost with the release of PMI data. Markit shows that Japanese PMI came in at 51.3 in January. Even though that number was slightly down from […]
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February 42015
EUR/USD Moves Lower Even as Employment Growth Slows
EUR/USD went lower during the current trading session even as the ADP employment report was unable to match market expectations. Still, it was accompanied by an upward revision of the previous reading. Moreover, the services sector expanded with accelerating pace, giving an edge to the dollar over the euro. ADP employment growth slipped from the revised 253k in December (241k before the revision) to 213k in January, missing analysts’ estimates that pointed at 224k […]
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