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Day: March 12, 2015
March 122015
Thai Baht Lower After Central Bank Cuts Borrowing Costs
The Bank of Thailand followed many other central banks of emerging economies in cutting its borrowing costs. The Thai baht suffered as a result of the monetary policy decision but managed to bounce versus the US dollar. Like the Bank of Korea, the Bank of Thailand decided to reduce its main interest rate. What is more, the reduction was exactly the same — by 25 basis points to 1.75 percent. Unlike the South Korean won though, the Thai […]
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March 122015
Won Gains Even as Bank of Korea Cuts Base Rate
The South Korean won rallied today even though the nation’s central bank cut its Base Rate unexpectedly. The most likely reason for the rally was the weakness of the US dollar, though the won gained versus the euro as well. The Bank of Korea decided to cut its main interest rate by 25 basis points to 1.75 percent at today’s policy meeting. The central bank was a bit pessimistic about the global economy, saying in the statement: […]
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March 122015
Turkish Lira Gains as Erdogan Meets Basci
The Turkish lira gained today as central bank Governor Erdem Basci met President Recep Tayyip today, giving hope that criticism of the bank’s policy will be tone down. Turkish authorities were criticizing the Central Bank of the Republic of Turkey lately for not performing deeper interest rate cuts. Yet it looks like they are backing off now after the lira dropped more than 10 percent […]
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March 122015
Euro Takes a Breather, Gains Against Majors
Euro is a little higher against its major counterparts today, taking a breather after a major slide this week. Indeed, things seem to be calming down this week following dramatic performances from both the euro and the US dollar. Euro has been in a dive this entire week. The start of the ECB’s quantitative easing program, just when the United States is getting ready to hike rates, was such […]
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March 122015
Dollar Index Lower After Touching 100
US dollar index is slightly lower on the day, falling back after touching 100. The US dollar index hit a high not seen since April 2003, rallying as the greenback is seen as the most viable currency in the world. Right now, the dollar is lower against its counterparts, due in large part to profit taking. However, analysts think that the dollar’s rally isn’t over yet, and there is more […]
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March 122015
Positive Employment Data Leads to Massive Gains for AUD
The Australian dollar climbed today, rising 1 percent against its US peer, after a report showed robust growth of Australia’s employment and an unexpected drop of the unemployment rate. Australian employment grew by 15,600 in February from the previous month, in line with expectations. The unemployment rate ticked down a little to 6.3 percent, and this was unexpected. The data made the Aussie stronger, especially against the US dollar that weakened ahead of US […]
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March 122015
EUR/USD Finds Respite After Poor US Data
EUR/USD recovered today following its earlier drop to a new multi-year low. One of the reasons for the bounce is today’s US macroeconomic data that was not good at all. Still, the majority of market analysts are very bearish on the euro, thinking that the current rally is just a short-term bounce in the bear market. Seasonally adjusted retail sales declined 0.6% in February instead of rising 0.3% as was predicted by analysts. The indicator […]
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