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June 27
2008

EUR/USD Faces a Slight Correction

EUR/USD corrected slightly today after fundamental data both from U.S. and Eurozone showed more support for the dollar rather than for the euro. Important consumer spending and income data arrived from U.S. today, while Eurozone released its business and consumer survey. EUR/USD fell from 1.5750 to 1.5742 today. Personal income and outlays report showed 1.9% and 0.8% growth […]

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June 27
2008

NZD Headed for Weekly Loss

The New Zealand dollar continued to lose against other currencies today (except the U.S. dollar) as the economy contracted in the first quarter and the expectations that the central bank will cut the interest rate rose. Although, the New Zealand currency is rising today against the U.S. dollar, it’s still going down sharply against the yen, euro, and Australian dollars. It will probably end the week in the negative zone against those three currencies. The gross domestic […]

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June 26
2008

EUR/USD on Upward Trend Unaltered by GDP Report

EUR/USD didn’t change from its upward trend today after the final Q1 GDP data was released. The currency pair continued to grow for a third day in a row and advanced today from 1.5664 to 1.5737 after the most important fundamental reports for today were released in U.S. GDP in the first quarter of 2008 advanced at an annual rate of 1.0 percent — higher than 0.9 percent growth reported in the preliminary report and it has met the analysts’ expectations. Initial jobless claims didn’t change last […]

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June 26
2008

Yen at Record Low against Euro

The Japanese yen reached another record low level against the Eurozone currency today as the ECB prepares to raise rates in July, while Japanese spendings may go abroad to seek the higher yielding assets. The yen continued to fall today after its fastest fall against euro since June 9 after the Federal Reserve left the funds target rate unchanged at 2 percent yesterday, strengthening […]

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June 25
2008

USD Falling after FOMC Statement

The U.S. dollar dropped against the euro, pound and yen today after the Federal Reserve left the interest rate unchanged and released a statement showing no substantial signs that the rate can be raised by the end of the year. As the majority of the market analysts expected, the Federal Open Market Committee left the federal funds rate at 2.00 percent at this meeting. The […]

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June 25
2008

Dollar Falls Insignificantly on Neutral Fundamentals

EUR/USD grew today from 1.5571 to 1.5573 making it a second gaining day this week, but it’s still trading below the Monday open rate (which is 1.5627). All fundamental releases were quite neutral today, so they couldn’t help much neither dollar nor euro. Forex market participants await FOMC rate decision today. Durable goods orders remained unchanged in May after a 1% decrease in April — and according to the market […]

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June 20
2008

Dollar Declines against Euro before Fed

The U.S. dollar declined today against the euro, extending its weekly drop, as the chances for the Federal Reserve to increase the interest rates next week became more slim. The dollar also headed for a weekly loss against the Japanese yen as the weak macroeconomic statistics from the United States made traders believe that the FOMC will leave rates […]

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June 19
2008

EUR/USD Down for the First Day This Week

EUR/USD posted its first daily decline this week today — it went down from 1.5528 to 1.5489. Even bad employment data didn’t help the euro to get higher against the U.S. dollar. Initial jobless claims fell from 386k to 381k last week, but nevertheless were higher than 375k forecast. May leading indicators rose 0.1% in May a similar growth in April and forecasted stagnation for […]

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June 19
2008

Swiss Franc Lower after Rate Decision

The Swiss National Bank decided to keep the country’s main interest rate at its 6-year highest value facing the risks of both a higher inflation rate and a slower economic growth. The Swiss franc fell today against the U.S. dollar in the Forex market as 3-month LIBOR target rate was left unchanged at 2.75 percent. It was an expected decision, but some analysts forecasted a possible 0.25 percent increase. […]

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June 18
2008

Rupee Falls on Oil Demand Speculations

The Indian rupee showed a weakening today at the Forex market as the speculations that the domestic companies will have to buy oil rose in the country. As the commodities prices stopped falling today on the global markets the fears that the companies will have to convert the national currency into dollars to buy the oil pushed the rupee down. It was among the worst performing Asian currencies today. While rupee’s behavior is seen as closely correlated with the oil prices, it will […]

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