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Day: December 7, 2016
December 72016
Canadian Dollar Climbs Against British Pound on Improving Oil Prices
The Canadian dollar was boosted against the British pound on Wednesday. The commodity currency has been supported by rising oil prices since the Organization of the Petroleum Exporting Countries announced that a deal to cut oil output was made in its meeting last week. The oil cartelâs long awaited agreement is the first of its kind in 8 years, and it aims to improve oil prices by reducing the organizationâs collective daily production by 1.2 […]
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December 72016
Canadian Dollar Climbs Against British Pound on Improving Oil Prices
The Canadian dollar was boosted against the British pound on Wednesday. The commodity currency has been supported by rising oil prices since the Organization of the Petroleum Exporting Countries announced that a deal to cut oil output was made in its meeting last week. The oil cartelâs long awaited agreement is the first of its kind in 8 years, and it aims to improve oil prices by reducing the organizationâs collective daily production by 1.2 […]
Read more
December 72016
EUR/USD Firm as Markets Prepare for ECB Meeting
EUR/USD was firm today ahead of tomorrow’s meeting of the European Central Bank. Analysts do not expect changes to interest rates, but think that the ECB may extend its quantitative easing beyond the March 2017 threshold. US crude oil inventories dropped 2.4 million barrels last week, exceeding the analysts’ estimate of a 1.4 million drop and the previous week’s fall of 0.9 million. Still, the stockpiles remained at the upper […]
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December 72016
Sterling Drops, Hurt by Britain’s Manufacturing Data
The Great Britain pound dropped today as the surprisingly poor manufacturing report hurt the currency’s appeal to investors, overshadowing decent housing data. Britain’s manufacturing production fell 0.9% in October from the previous month while industrial production declined as much as 1.3%. Analysts totally missed the mark with their forecasts of a 0.2% increase. Meanwhile, the similar forecasts for the Halifax House Price Index proved to be correct (it indeed rose 0.2% […]
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December 72016
Sterling Drops, Hurt by Britain’s Manufacturing Data
The Great Britain pound dropped today as the surprisingly poor manufacturing report hurt the currency’s appeal to investors, overshadowing decent housing data. Britain’s manufacturing production fell 0.9% in October from the previous month while industrial production declined as much as 1.3%. Analysts totally missed the mark with their forecasts of a 0.2% increase. Meanwhile, the similar forecasts for the Halifax House Price Index proved to be correct (it indeed rose 0.2% […]
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December 72016
US Dollar Remains Steady on Anticipation for ECB Policy Decision
The dollar remained little changed against the euro on Wednesday, as traders braced for a monetary policy decision from the European Central Bank on Thursday. The bankâs decision might bring increased quantitative easing to the European Union. The European Central Bank holds a meeting tomorrow, with expectations generally pointing to an extension for its quantitative easing program. However, traders are still uncertain whether the bank will maintain its monthly asset purchases at the same […]
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December 72016
US Dollar Remains Steady on Anticipation for ECB Policy Decision
The dollar remained little changed against the euro on Wednesday, as traders braced for a monetary policy decision from the European Central Bank on Thursday. The bankâs decision might bring increased quantitative easing to the European Union. The European Central Bank holds a meeting tomorrow, with expectations generally pointing to an extension for its quantitative easing program. However, traders are still uncertain whether the bank will maintain its monthly asset purchases at the same […]
Read more
December 72016
Australia Dollar Drops After Economy Declines
The Australian dollar fell today after economic data revealed that Australia’s economy contracted unexpectedly in the third quarter of this year. Australia’s gross domestic product declined 0.5% (seasonally adjusted) in the September quarter of 2016 from the previous three months. The actual reading was far worse than the increase by 0.2% predicted by analysts. It is interesting to note that the Reserve Bank of Australia expected slower growth (though not […]
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December 72016
Australia Dollar Drops After Economy Declines
The Australian dollar fell today after economic data revealed that Australia’s economy contracted unexpectedly in the third quarter of this year. Australia’s gross domestic product declined 0.5% (seasonally adjusted) in the September quarter of 2016 from the previous three months. The actual reading was far worse than the increase by 0.2% predicted by analysts. It is interesting to note that the Reserve Bank of Australia expected slower growth (though not […]
Read more