The Norwegian krone weakened today, posting the fourth day of losses versus the US dollar, after the report showed that the manufacturing expanded less than was predicted and as the crude oil prices declined. The Norwegian manufacturing output expanded 2.2 percent in December from the previous year, frustrating the analysts who predicted the 4.2 percent gain. The futures on the crude oil declined 0.6 percent as the concerns about the impact of the unrest in Egypt on the oil supply … “Norwegian Krone Declines on Manufacturing & Crude Oil Prices”
Month: February 2011
Banks of Ireland Have Danish Haircut Precedent
The Bank of Ireland (nyse:ise), Allied Irish Bank (nyse:aib) and other Irish banks can look up (or down) to an example from a country considered to have a more solid economy: Denmark. Senior bondholders of Danish bank Amagerbanken are undergoing a haircut. Here’s a quote from Alphaville’s Tracy Alloway, that quotes CreditSights: This means that holders of … “Banks of Ireland Have Danish Haircut Precedent”
First Binary Options Exit – TraderXP sold by SpotOption
Binary options company TraderXP was sold to a private buyer. The size of the deal hasn’t been disclosed. The seller, SpotOption, announced that it prefers to focus on it’s binary options platform rather than on its brokerage. SpotOption’s core business is the software it provides to binary options brokers. It will now focus on the … “First Binary Options Exit – TraderXP sold by SpotOption”
Aussie Retreats as Retail Sales Drops in Q4 2010
The Australian dollar weakened a bit today as the report showed that the retail sales in Australia declined in the last quarter of the previous year. The Australian retail sales declined 0.3 percent in the fourth quarter of 2010 on the seasonally adjusted basis, according to the estimates of the Australian Bureau of Statistics. On month-to-month basis the retail sales increased 0.2 percent in December (seasonally adjusted), less than 0.5 percent forecast by the analysts. AUD/USD traded at 1.0121 as of 11:44 GMT, slightly … “Aussie Retreats as Retail Sales Drops in Q4 2010”
Korean Won Gains with Decrease of US Jobless Rate
The unexpected decline of the US unemployment rate last week bolstered the South Korean won by improving the outlook for the exports of the Asian nation. The Bank of Korea reported today that the nationâs foreign-exchange reserves posted gains for the second month in January, climbing from $292 billion in December to the record $296 billion. The won also rose on the prediction that the Bank will raise the interest rates to slow the inflation that rapidly grows as the South Korean economy … “Korean Won Gains with Decrease of US Jobless Rate”
Australian Dollar Beats Other Currencies This Week
The Australian dollar rallied against all other most-traded currencies this week without any noticeable opposition as the economic recovery boosted commodity prices and caused Australia’s central bank to revise its growth forecast upwardly. The economic recovery was evident as the macroeconomic data from countries all around the world was generally positive. The economic reports from Australia itself were also good, including the reports about surging building … “Australian Dollar Beats Other Currencies This Week”
High Canadian Employment Makes Loonie Strongest Since May 2008
The Canadian dollar reached the highest level against its US counterpart since May 2008 as the employment change in Canada was more than three times higher than the predicted value. Canadian employment rose for the second consecutive month in January, advancing by 69,000. The economists predicted that Canadian employers would add just 18,000 jobs. At the same time, the unemployment rate increased from 7.6 percent to 7.8 percent as more people … “High Canadian Employment Makes Loonie Strongest Since May 2008”
Lower Unemployment in US Boosts Dollar
The US dollar advanced today after the report showed that the unemployment rate in the US unexpectedly dropped last month even though the non-farm payrolls were far worse than the experts promised because of the winter storms. The forecasts promised the unemployment rate to rise slightly in January from 9.4 percent to 9.5 percent, but it surprised market participants falling to 9.0 percent. At the same time the non-farm payrolls also surprised traders, … “Lower Unemployment in US Boosts Dollar”
Mubarak in Montenegro?
Rumors from various sources say the Egyptian president Hosni Mubarak will leave to exile in Montenegro, Is Mubarak in Podgorica? Authorities in Montenegro were asked about this, but refused to answer, due to privacy limitations about asylum seekers. It will be interesting to hear something from the Prime Minister of Montenegro, Igor Lukšić. According to … “Mubarak in Montenegro?”
South African Rand Drops on Civil Unrest in Egypt
The South African rand dropped today as the tensions in Egypt threaten to fuel unrest in other countries of the region, causing uncertainty and risk aversion sentiment. The rand experienced the biggest drop among other emerging-market currencies after gunfire erupted as the supporters of the current president clashed with the protesters. The unrest spilled over to Yemen, where opposing groups, inspired by the example of Egypt and Tunisia, demand from President Ali Abdullah Saleh to resign office before … “South African Rand Drops on Civil Unrest in Egypt”