The Great Britain pound reached today its highest level against the U.S. dollar since May 13th, before falling, as the number of mortgage approvals was higher than forecasted. The Bank of England reported that 51,000 new mortgages were approved for home purchases during the previous month, compared with median estimate of 49,000. Some economists say, though, that the sterling’s rebound was short-lived as the budget cuts would damp … “Britain’s Pound Reached Highest Level Since May 13”
Month: June 2010
Demand for Safety Increases Appeal of Yen
The Japanese yen strengthened today amid the concerns that the austerity measures, planned by the European countries in order to battle the sovereign-debt crisis, might derail the global economic recovery. The troubles in Europe continue influence the global economy, damping the willingness to risk among traders and increasing the demand for the safety. Moreover, the yesterday’s unfavorable data from the U.S. decreased the appeal of the dollar as the safe currency, making the yen the primary currency in the role of the safe haven. USD/JPY fell … “Demand for Safety Increases Appeal of Yen”
Dollarâs Strength Subdued by Bad Macroeconomic Data
The U.S. dollar went down today after the set of the macroeconomic reports was released, which showed some rather unwelcome data, signaling that the U.S. economy expand at slower pace. The unemployment claims unexpectedly surged to 472,000 in the previous week from 460,000 a week earlier, even though the forecasts promised a decrease of the jobless claims. Philadelphia Fed index decreased to 8.0 this month from 21.4 in May, suggesting that the U.S. … “Dollarâs Strength Subdued by Bad Macroeconomic Data”
U.K. Retail Sales Beat Forecast, Pound Rises
The Great Britain pound strengthened today against the U.S. dollar and some other most-traded currencies after the retail sales rose more than expected, suggesting that Britain’s economic recovery is strengthening. The total retail sales volume increased by 0.6 percent between April and May, while the experts expected only the 0.1 percent growth. The Britain’s policy makers pledged to perform the spending cuts in the emergency budget on June 22nd. Mervyn … “U.K. Retail Sales Beat Forecast, Pound Rises”
Malaysian Ringgit Falls on European Debt Concerns
The Malaysian ringgit weakened today as the threat of the spreading sovereign-debt crisis in Europe drove the investors to the safety of the U.S. dollar away from the Asian currencies. The Asia Dollar Index slid 0.2 percent and the MSCI Asia Pacific Index slipped 0.4 percent. The concerns about the European crisis strengthened after the European Commission said that the European nations urgently need to cut their budget deficits and the countries with the big debts may be … “Malaysian Ringgit Falls on European Debt Concerns”
Swiss Franc Gains as SNB Thinks Risk of Deflation Gone
The Swiss franc gained today, rising for a fourth day against the U.S. dollar, as the central bank think that the threat of the deflation has gone. The Swiss National Bank previously was attempting to rein the currency’s appreciation as the strong currency threatened to cause deflation. The central bank’s officials said that they are ready to intervene again if the gains of franc would pose threat to the nation’s economy. USD/CHF traded near 1.1182 as of 8:35 … “Swiss Franc Gains as SNB Thinks Risk of Deflation Gone”
Canadian Dollar Rises on Better Risk Sentiment
The Canadian dollar strengthened today, extending its rally against the U.S. dollar for a third day, as the equities rebounded, improving the risk sentiment and increasing the appeal of the currencies tied to growth. The loonie’s moves are 89 percent correlated to the Standard & Poorâs 500 Index and 65 percent correlated to crude oil. The 100 percent correlation would mean that the Canadian currency would always move in tandem with the S&P 500 and crude. Russia … “Canadian Dollar Rises on Better Risk Sentiment”
Japanese Yen Benefits from Uncertainty on Markets
The Japanese yen strengthened today against most other major currencies, including the U.S. dollar and the euro, as the concerns about the outcome of the European sovereign-debt crisis and the struggling U.S. economic recovery. The rumors about the bailout for Spain, despite being dismissed, seriously wounded the euro, causing it to fluctuate between gains and losses. The U.S. housing market brought concerns about the recovery of the nation’s economy. Building permits in May were at a seasonally adjusted annual … “Japanese Yen Benefits from Uncertainty on Markets”
4 Major Brokers Now Supported on Currensee
Currensee’s network gets a major expansion. Traders from Alpari UK, FX Pro, Easy Forex and Ava FX can now share their trades on the social network. It seems that (almost) all the brokers are joining and allowing transparency. These four brokers add to Zecco that joined Currensee a few days ago. In addition to sharing … “4 Major Brokers Now Supported on Currensee”
Euro Goes Down on Speculation that Debt Crisis Threatens Spain
The euro headed down today amid the speculation that the European Union and the International Monetary Fund prepared the bailout for Spain, fueling the concerns that the European sovereign-debt crisis threatens to contaminate European countries. The rumors suggested that the EU and the IMF, together with the U.S. Treasury, prepared the 250 billion euro loan for Spain. The governments of Spain and the EU later dismissed these rumors. Nevertheless, the analysts say that the euro’s rally was merely … “Euro Goes Down on Speculation that Debt Crisis Threatens Spain”