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Day: July 23, 2015
July 232015
Rand Drops vs. Dollar Even as South African Central Bank Hike Rates
The South African rand dropped against the US dollar today even though the nation’s central bank increased its main interest rate, continuing with the hiking cycle. The South African Reserve Bank hiked the repurchase rate by 25 basis points to 6 percent at today’s meeting. The central bank improved its outlook for this year’s inflation and economic growth, but also acknowledged risks associated with international developments (like […]
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July 232015
Dollar Loses to Euro, Stands Ground vs. Other Majors
The US dollar dropped against the euro today as Greece made additional steps to secure an aid from foreign creditors. The greenback retreated despite supportive US macroeconomic data. At the same time, the US currency gained on the Great Britain pound and was flat versus the Japanese yen. The Greek parliament approved another set of reforms demanded by international lenders in a bid to receive the much-needed bailout. The signs of progress in the Greek debt story helped the euro […]
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July 232015
Euro Gains After Greek Passage of Economic Reforms
The passage of another round of economic reforms by the Greek parliament is helping the euro today. While some are still concerned about the euro in the long-term, for now the 19-nation currency appears to be shoring up. Last week, amid protests, members of the Greek parliament passed a package of economic reforms aimed at appeasing creditors and keeping Greece in the eurozone. Earlier today, Greece passed a second package of reforms. These reforms are necessary if […]
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July 232015
Unexpected Decline of UK Retail Sales Leads to Drop of Sterling
Lately, the Great Britain pound has been struggling to continue its rally, and economic data released from the United Kingdom today did not help the matter at all. UK retail sales dropped unexpectedly last month, leading to losses of the currency against major rivals. Retail sales were down 0.2 percent in June from May following the 0.3 percent gain in the previous reporting period. It was a nasty surprise […]
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July 232015
NZ Dollar Leaps After RBNZ Cuts Interest Rate
The Reserve Bank of New Zealand cut its main interest rate today, and such a move was in line with expectations. What was surprising is the reaction of the New Zealand dollar to the news as the currency surged after the event. Usually, interest rate cuts affect currencies very negatively. The RBNZ slashed the Official Cash Rate by 25 basis points to 3 percent today. Governor Graeme Wheeler said in the statement that, despite […]
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July 232015
Euro Gains Even as US Data Supports Dollar
The euro gained on the dollar today as the Greek parliament approved another set of reforms that are required to secure a bailout from the European Union. The US currency attempted to bounce after the release of better-than-expected data from the United States, but success has been very limited so far. Initial jobless claims (seasonally adjusted) dropped from 281k to 255k last week, far below the level of 279k that has been […]
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