The Canadian dollar strengthened today, rising for the fourth straight day against its US counterpart, as the report showed that the Canadian economy grew more than forecast in the last quarter of 2010. Canada’s gross domestic product rose 0.8 percent in the fourth quarter of the last year, led by exports, following a 0.4 percent gain in the previous quarter. The median forecast was 0.3 percent. Steve Butler, director of foreign-exchange trading at Bank of Nova … “Canadian Dollar Rises on Positive GDP Report”
Month: February 2011
Pound Gains as Inflation Boosts Bets on Interest Rates Hike
The Great Britain pound advanced today on the speculation that Britain’s central bank will raise the interest rates to slow the growing inflation, which was bolstered by the surging oil prices. The inflation accelerated to 4 percent last month, the 14th straight month of a consumer prices increase, while the central bankâs target is just 2 percent. The anticipation of an interest rates increase boosted the sterling versus the dollar by 1.3 percent this month … “Pound Gains as Inflation Boosts Bets on Interest Rates Hike”
Canadian GDP Surprises – USD/CAD Falls
Canadian GDP for the month of December rose by 0.5%, higher than 0.3% that was expected. This sets a nice close for Q4 2010 and for the whole year. The Canadian dollar drops below 0.9750 after this news. Canada’s current account showed a deficit of 11 billion, higher than 9.4 that was predicted, but lower … “Canadian GDP Surprises – USD/CAD Falls”
New Zealand Dollar Gains on Asian Stocks & Trade Surplus
The New Zealand dollar advanced today, rising versus 15 of 16 most-traded currencies, as the nation’s traded balance unexpectedly posted a surplus in January and as the Asian stocks gained. The New Zealand traded balance had a massive deficit of NZ$264 million in December and analysts predicted the deficit to shrink to NZ$25 million in January. The report yesterday was better than even those optimistic forecasts as it showed the surplus of NZ$11 million last month, the first … “New Zealand Dollar Gains on Asian Stocks & Trade Surplus”
Unemployment Rate Under 9%? Non-Farm Payrolls Preview
Expectations are high once again for February’s Non-Farm Payrolls. We’re likely to see a gain in jobs that will catch up with the falling unemployment rate. Will this reverse the dollar’s losses? Non-Farm Payrolls preview. There are many positive signs in the US economy: weekly unemployment claims fell under 400K once again, and the 4-week … “Unemployment Rate Under 9%? Non-Farm Payrolls Preview”
Top Forex Traders on Twitter
BabyPips ranked the top forex traders on Twitter. In the list of 11 FX traders for 2011, my friend and colleague Casey Stubbs came in second. I’m certain he deserves to be No. 1. Casey is very active and very helpful on Twitter as he is on his own site. The big advantage in Twitter … “Top Forex Traders on Twitter”
China GDP Growth Target Lowered to 7%
In another effort to cool down the economy, the Chinese prime minister Wen Jiabao has lowered the growth target for 2011 to 7%. Jiabao was speaking in an online chat on Saturday. He said that: The 7 percent target would be part of the 2011-2015 five-year plan to be approved by the national legislature next … “China GDP Growth Target Lowered to 7%”
Gaddafi to Zimbabwe? Libyan Opposition Closes on Tripoli
Libyan ruler Muammar al-Gaddafi might soon flee from his country. Events are moving fast in Libya – the opposition rebels are taking over more and more cities close to Tripoli, a new government has been formed and recognized, and Gaddafi’s family might be left with only one friend: Robert Mugabe of Zimbabwe, that allegedly sent mercenaries to … “Gaddafi to Zimbabwe? Libyan Opposition Closes on Tripoli”
Saudi Protests Threaten Oil Prices
Demonstrations began spreading to Saudi Arabia: In Jeddah, youngsters took the streets and demanded reform. The Youth for Change movement is inspired from the young people in Egypt, which are nearby. On the other side of the huge oil producing country, another type of uprising began: Shiites, a minority in Sunni Saudi Arabia, have shown their solidarity … “Saudi Protests Threaten Oil Prices”
Japanese Yen â Best Performer This Week
The Japanese yen, together with the Swiss franc, was the best performing currency this weak as the civil unrest in North Africa and Middle East resulted in the uncertainty among traders and caused the shift of sentiment toward risk aversion. Tunisian President Zine El Abidine Ben Ali was ousted last month and Egypt’s President Hosni Mubarak resineg on February 11, encouraging protester in other countries of North Africa and the Mideast. Leader of Libya … “Japanese Yen â Best Performer This Week”