The Great Britain pound weakened today after Fitch Ratings stated that “UK fiscal challenge is formidable”, spurring the demand for the safety among the investors. According to Fitch Britain requires more budget cuts and needs to perform them with faster pace to avoid the budget crisis. The slump of the pound reflected the concern about the possible spreading of the debt crisis. Filth didn’t said anything really new about Britain’s economy and the reaction … “Pound Down on Concerns About Debt Crisis”
Month: June 2010
Forex Video Outlook
In this video, I examine the technical levels of forex pairs, talk about Friday’s events and a look at the events that will shake the markets ahead in the week. This is the first time I produce such a video on my own. Your feedback is more than welcome, as always. Want to see what … “Forex Video Outlook”
Employment Data Helps Loonie Appreciate
The Canadian dollar gained today after the report last week showed the better than expected growth of the nation’s employment, increasing the appeal of the currency as the safe haven. The employment rose by 24,700 in May from the previous month, the fifth consecutive monthly increase, following the impressive growth by 108,700 in April. Canadaâs economy grew by 6.1 percent in the first quarter. The favorable data overshadowed the decline of the stocks and crude oil. The economists say that the Canadian currency … “Employment Data Helps Loonie Appreciate”
Fears of European Crisis Hurt Brazilian Real
The Brazilian real went down today as the fears of the spreading European crisis deter the investors from the riskier currencies. The worries about the fiscal crisis surged after the Hungarian Prime Minister said that the previous government lied about the state of the nation’s economy and manipulated figures to conceal the possibility of the default. The concern about the possible spreading of the crisis to Eastern Europe heightened after the threat of the default in Hungary was revealed. The ensuing uncertainty amongst the traders … “Fears of European Crisis Hurt Brazilian Real”
Mexican Peso Falls on U.S. Jobs Report & European Crisis
The Mexican peso fell today on the concerns that the global recovery may slow, fueled by the lower than expected payrolls in the U.S. and the sovereign-debt crisis in Europe. The analysts expected that nonfarm payroll employment in May would increase by 521,000, while the actual growth was only 431,000 and the private sector added only 41,000 jobs. The threat of the debt crisis’s expansion across the Europe still destabilizes the global markets, affecting the peso. USD/MXN traded … “Mexican Peso Falls on U.S. Jobs Report & European Crisis”
Loonie’s Weekly Gains Were Erased in One Day
This week showed the mixed set of results for the Canadian dollar as the currency dropped against its U.S. counterpart, managed to strengthen against the euro and remained at approximately same level against the Japanese yen. The general directions of the currency’s movement against all the loonie’s counterparts was rather similar: the tendency to rise, which was disrupted on Tuesday by the evidences that the central bank will stop raising the interest rates, then the appreciation was again … “Loonie’s Weekly Gains Were Erased in One Day”
Euro Below $1.20, No Signs of Relief for European Currency
The euro extended its decline today against the U.S. dollar and the Japanese yen, plunging below $1.20 for the first time since March 2006, as the signs that the European fiscal crisis is widening caused the investor to abandon the shared 16-nation currency. The prospect for the default in Hungary added to already vast list of evidences, which confirm the expansion of the crisis. The spokesman Peter Szijjarto said: The moment of truth has already arrived in Greece and it has … “Euro Below $1.20, No Signs of Relief for European Currency”
European Woes Weaken Loonie
The Canadian dollar weakened today against the U.S. dollar and the Japanese yen despite the good economic data as the worries about the debt problems in Europe overshadowed the favorable fundamentals. The announcement of the government spokesman Peter Szijjarto fueled the concerns that the crisis is spreading to Eastern Europe. Szijjarto stated: Itâs clear that the economy is in a very grave situation. I donât think itâs an exaggeration at all to talk about a default. This statement had … “European Woes Weaken Loonie”
Lower Amount of New Jobs Pushes Dollar Down vs. Yen
The U.S. dollar weakened today against the Japanese yen, erasing its yesterday’s gains, after the nonfarm payrolls showed the lower number of new employees hired than was expected, causing the concern for the economic recovery. The nonfarm payroll employment grew by 431,000 in May, compared with the estimated increase of 521,000. The low number of the new jobs makes one question if the U.S. economy recovers with the expected pace or it’s going to lag … “Lower Amount of New Jobs Pushes Dollar Down vs. Yen”
Swiss Franc at Record High Against Euro on Stronger Economy
The Swiss franc gained today versus the euro, reaching the record high level, on the signs that the nation’s economy expanding, while the European Union’s economy suffers from the sovereign-debt crisis. The fundamentals and the EU woes push the franc up, despite the interventions of the Swiss National Bank. This may cause the SNB to refrain from another intervention and let the currency appreciate. At least the speculations say so, and this is another reason for the franc to rise. … “Swiss Franc at Record High Against Euro on Stronger Economy”