The US dollar strengthened versus the euro as the GDP report showed that pace of economic growth in the US increased. The currency dropped against the Japanese yen as the growth was slower than the analysts predicted. The US gross domestic product expanded at an annual rate of 3.2 percent in the fourth quarter of the last year, compared to the 2.6 percent growth in the third quarter. Even as the growth accelerated, it hasn’t met up the economists’ expectations of the 3.5 percent … “US Dollar Rises vs. Euro, Falls vs. Yen on GDP Report”
Month: January 2011
Tension in Egypt Spurs Demand for Safety, Helps Swiss Franc
The Swiss franc rallied today as the political unrest in Egypt increased demand for safety as it threatens oil supply and may cause of wave of riots in Africa. Egyptians went on demonstrations with demands to end the 30-year rule of President Hosni Mubarak. Mubarak imposed a curfew in an attempt to prevent clashes between police and the protesters. Police detained senior leaders of the Muslim Brotherhood and were firing tear gas as demonstrators were throwing rocks at police trucks. … “Tension in Egypt Spurs Demand for Safety, Helps Swiss Franc”
Britain’s Pound Goes Down as Consumer Confidence Slumps
The Great Britain pound were attempting to advance on the previous two days, but the potential rally was cut short as the consumer UK confidence experienced a significant decline. The GfK NOP Consumer Confidence Index has dropped eight points this month to -29, the lowest figure since March 2009, when it was -30. Nick Moon, MD of GfK NOP Social Research, commented on this reading: Januaryâs eight point … “Britain’s Pound Goes Down as Consumer Confidence Slumps”
Malaysian Ringgit Decline with Asian Stocks
The Malaysian ringgit dropped today after the Asian stocks declined as the Standard & Poor’s downgraded Japan’s credit rating and commodities went down. The MSCI Asia Pacific Index dropped 0.7 percent to 137.30 as of 17:17 in Tokyo. Last week the index posted its first weekly drop in a year and a half on the concerns that China would continue its attempts to stem the economic growth. USD/MYR went up from 3.0540 to 3.0555 as of 09:52 … “Malaysian Ringgit Decline with Asian Stocks”
AUD Down as Flood Levy May Cause Pause for Rates Hikes
The Australian dollar took a beating today on the speculation that the interest rates may be put on hold for an extended period as the government proposed a levy to support the economy, hurt by the catastrophic floods. Rains in Queensland state of Australia continue for almost two months, harming crops, mines, infrastructure, damaging economy and taking human lives. Australia’s Prime Minister Julia Gillard said that the flooding will cost the nation about A$5.6 billion ($5.6 … “AUD Down as Flood Levy May Cause Pause for Rates Hikes”
Canadian Dollar Falls with Crude Oil Prices After Rally
The Canadian dollar declined today versus its US counterpart as crude oil prices dropped and the reports from the US showed some poor macroeconomic data after it rallied with stronger stocks and rising copper prices. March delivery for crude oil, the main Canadian export dropped 1.9 percent to $85.68 per barrel on the New York Mercantile Exchange. That was the lowest level in eight weeks. The bad reports about … “Canadian Dollar Falls with Crude Oil Prices After Rally”
Forex Broker Profitability Rules Change
Remember that one broker had much higher profitability than others? Well, this was probably due to passive accounts that paid interest. The calculation is going to change – meaning that we’ll see significant changes. The new CFTC rules introduced in October included a requirement to include the number of accounts and the percentage of profitability. … “Forex Broker Profitability Rules Change”
Dollar Drops vs. Euro as Fed Maintains Stimulus Measures
The US dollar slipped today versus the euro after the US Federal Reserve maintained its quantitative easing program, signaling that the US economy hasn’t quite recovered yet and still requires stimulus. Some economists had hopes that the Fed would raise the interest rates as the economy of the US looked for them healthy enough to survive without unprecedented stimulus measures. Such hopes hadn’t come to pass as the Federal Open Market … “Dollar Drops vs. Euro as Fed Maintains Stimulus Measures”
Yen Slumps After S&P Downgrades Japan’s Rating
The Japanese yen tumbled today after the Standard and Poor’s downgraded Japan’s credit rating one step to AA- as the Japanese government hasn’t done enough to reduce the nation’s enormous debt. S&P said in its statement: The downgrade reflects our appraisal that Japanâs government debt ratios â already among the highest for rated sovereigns â will continue to rise further than we envisaged before the global economic recession hit … “Yen Slumps After S&P Downgrades Japan’s Rating”
Unregistered Forex Brokers Sued by CFTC
The CFTC made a major move against unregistered forex brokers – they sued no less than 14 brokers. Lawsuit were filed in 4 different courts across the US. Here are the names of the companies: EuroForex Development LLC, a Delaware LLC; FIG Solutions Limited, Inc., a Delaware corporation; ForInvest, a Delaware corporation; FXOpen Investments Inc., … “Unregistered Forex Brokers Sued by CFTC”