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Day: March 5, 2015
March 52015
Canadian Dollar Broadly Lower
The Canadian dollar was broadly lower against its rival’s during Thursday’s trading even though fundamentals were largely in favor of the currency. The loonie climbed yesterday after the Bank of Canada kept its monetary policy stable. The BoC kept main interest rate at 0.75 percent at yesterday’s meeting, saying: The risks around the inflation profile are now more balanced and financial stability risks are evolving as expected in January. At present, […]
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March 52015
Euro Drops as Draghi Announces Start of QE Program
The euro dropped today after the monetary policy meeting of the European Central Bank. While ECB President Mario Draghi did not make any changes to the policy, he announced the start of the planned quantitative easing program. Draghi announced that the ECB will start additional asset purchases (on top of those the central bank is already performing) on Monday (March 9.) As for the end of the program, it will not come until September […]
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March 52015
US Dollar Continues to Surge
Greenback is still surging today, gaining ground against its major counterparts. Even with a weaker than expected ADP report, and trepidation over tomorrow’s nonfarm payrolls report, the dollar is heading higher. The latest ADP report indicates that job growth was weaker than expected in February. This isn’t great news for the US economy, but the greenback is heading higher anyway. Indeed, the dollar has […]
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March 52015
Yen Remains Extremely Weak but Gains on Euro
The Japanese yen was extremely weak today despite uncertainty about the policy decision of the European Central Bank. The currency dropped against the US dollar and was also falling versus the euro but bounced against the shared European currency after the ECB meeting. The yen was trading mostly lower today but jumped sharply against the euro after the ECB made a policy announcement. The Japanese currency was rising against the common […]
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March 52015
BoE Provides No Surprises, GBP Higher vs. JPY, Lower vs. USD
The Bank of England provided no surprise to the Forex market at today’s meeting, keeping its monetary policy unchanged. The Great Britain pound gained on the Japanese yen after the news but was unable to beat the US dollar. The BoE announced today: The Bank of Englandâs Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank […]
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March 52015
EUR/USD at New Lows After Draghi Speaks
EUR/USD dropped to a fresh low today after Mario Draghi, President of the European Central Bank, said that the ECB will start asset purchases on Monday and will continue to buy bonds till September 2016 or longer if necessary. (Event A on the chart.) The announcement made the currency pair weaker even though economic news from the United States was not supportive to the dollar. Initial jobless claims rose from 313k to 320k […]
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