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Day: September 24, 2015
September 242015
Interest Rate Cut Pushes Taiwan Dollar Lower
Today, Taiwan’s central bank cut interest rates for the first time in six years. This pushed the Taiwan dollar lower versus the US dollar, though the fall was not very big. The Central Bank of Taiwan cut its interest rate by 12.5 basis points, including the benchmark discount rate that has been reduced to 1.75 percent. The central bank offered following explanation for its decision: In sum, the global economy […]
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September 242015
Norwegian Krone Slumps After Central Bank Cuts Key Rate
The Norwegian krone slumped today after the nation’s central bank unexpectedly cut the key policy rate and signaled that another rate decrease is probable. Norges Bank slashed its main interest rate 25 basis points to 0.75 percent at today’s policy meeting. Such decision was not expected by the majority of market participants and analysts. Governor Oeystein Olsen cited following considerations for the move: Growth prospects for the Norwegian economy […]
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September 242015
Safe Haven Demand Sends Japanese Yen Higher
Japanese yen is heading higher against its major counterparts today as safe haven demand increases. A number of concerns are causing a bit of risk aversion and the yen is in demand as Forex traders look for a bit of safety. The latest PMI data is in for Japan, and it was lower than forecast. Preliminary data suggests a reading of 50.9 when many had expected to see a print of 51.2. However, the disappointing PMI isn’t […]
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September 242015
Public Borrowing Weighs on the UK Pound
UK pound is struggling against the euro right now, heading lower following disappointing data about borrowing. However, the pound is higher against the US dollar. An increase in public borrowing in the United Kingdom has been expected by analysts, but the figures reported for August were higher than predicted. As a result of the higher than expected expansion of UK debt level, the sterling is down against the euro. Even though news coming […]
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September 242015
EUR/USD Moves Higher for Second Day
EUR/USD moved higher for the second consecutive trading session today. Data from the United States was mixed. The housing report was very solid, but durable goods orders dropped. Apparently, the market preferred to pay attention to the bad part of the data. Now, traders wait for Janet Yellen’s speech that is scheduled for 21:00 GMT. Initial jobless claims were at 267k last week, little changed from the previous week’s […]
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September 242015
Canadian Dollar Remains Soft After Disappointing Retail Sales
The Canadian dollar dropped yesterday due to lackluster retail sales data. Today, the currency remains soft against other most-traded counterparts. Retail sales rose 0.5 percent in July from the previous month, exactly as was expected. The problematic part of the report was the downward revision of June’s increase from 0.6 percent to 0.4 percent. What is more, the core components of July sales showed no increase while markets had […]
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September 242015
Euro Retains Gains After Mario Draghi Downplays QE
The euro has rallied yesterday as Mario Draghi, President of European Central Bank, downplayed expectations of expanded quantitative easing. The currency retained its gains today for the most part, though it is sliding back against the Japanese yen. Draghi talked yesterday about the possibility of additional QE: Should some of the downwards risks weaken the inflation outlook over the medium term more fundamentally than we project at present, we would […]
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