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Day: February 25, 2016
February 252016
NZ Dollar Extends Gains as Trade Balance Turns to Surplus
The New Zealand dollar was rising throughout the Thursday’s trading session and extended gains after the release of positive trade balance data from New Zealand. New Zealand’s trade balance registered a surplus of NZ$8.1 million in January after logging a deficit of NZ$38 million in December. The actual reading was far better than the predicted shortage of NZ$250 million. The positive reported helped the New Zealand currency to solidify its already substantial […]
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February 252016
Canadian Dollar Moves Higher Following Crude Oil
As it often happens, the Canadian dollar was tracking moves of crude oil prices. The prices were moving up during the Thursday’s trading session, therefore the currency was gaining as well. Oversupply on the oil market remains a major threat to the performance of crude, and the deal among major producers about cutting output does not look particularly probable. Yet all this did not prevent crude oil futures from rallying […]
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February 252016
EUR/USD Consolidates as Traders Doubt Fed Rate Hike
EUR/USD stayed in a consolidation mode, trading little changed, as fundamentals did not help the currency pair to establish a trend. On one hand, the positive report on US durable goods sales fueled the dollar’s strength. On the other, doubts about ability of the Federal Reserve to raise interest rates this year did not allow the greenback to rise against the euro. Initial jobless claims rose by 10k to 272k last week, in line with expectations […]
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February 252016
Yen Pulls Back, But Retains Some Safe Haven Strength
Yen is pulling back today, becoming subdued. However, even with the lower performance today and warnings about future monetary policy, the yen is retaining some of its safe haven strength. Soft fundamentals in the Japanese economy are leading to some concerns that Bank of Japan policymakers will need to take more action when they meet in March. The BOJ already shocked Forex traders and investors by instituting negative […]
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February 252016
Euro Loses Ground on Inflation Report
Euro is losing ground from earlier, thanks in large part to the latest inflation report, which was downwardly revised for January. After the release of the new information, the 19-nation currency is struggling. The latest year over year inflation reading for the eurozone was downwardly revised from 0.4 per cent to 0.3 per cent for January. Even with this disappointment, though, it looks as though there is still some […]
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February 252016
Brazilian Real Unfazed by Moody’s Credit Rate Downgrade
The rally of the European stocks allowed the currency markets to stabilize, leading to a bounce of riskier currencies. The Brazilian real joined the rally against the US dollar even though Brazil’s credit rating was reduced by Moody’s to junk. Yesterday, Moody’s Investor Service cut Brazil’s credit grade to Ba2 with a negative outlook. The agency cited following reasons for the downgrade: i) The prospect of further deterioration in Brazil’s debt metrics in a low growth environment, with […]
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February 252016
Pound Rises, Remains Near Multi-Year Lows
The Great Britain pound rose a little today but was still trading near the seven-year low versus the US dollar and also near the multi-year low against the Japanese yen. Economic data released from Great Britain on Thursday was mixed with economic growth and the Index of Services being in line within expectations, while business investment demonstrated a surprise decrease. The sterling preferred to ignore the negative part of the data, edging higher […]
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