The Malaysian ringgit rose today as the economic growth in Asian region draws investors and causes the speculation that Asian nations will raise their interest rates to deal with the rapid growing inflation. The Asia Dollar Index, tracking 10 Asian major currencies excluding the yen, rose 0.6 percent this week to 116.49 by 16:21 in Hong Kong. The index advanced after the Philippines and Taiwan reported faster than expected economic growth. … “Asian Economic Growth Brings Malaysian Ringgit Higher”
Month: February 2011
Dollar Index outlook ahead the NFP – Elliott wave Video
US dollar reversed yesterday from 76.86 region, where a five wave decline from the 81.32 highs may have already found the bottom. The most important fact is that prices moved above the upper resistance line of a trading channel, which usually signals for a change in trend. Guest post by Gregor Horvat As such, further … “Dollar Index outlook ahead the NFP – Elliott wave Video”
Dollar Gains as Service Industries Expand
The US dollar gained today, reversing its downward trend that was in place for past several days, after the set of the good economic data from the US was released, including the report about the service industries. The economic activity in the non-manufacturing sector grew in January for the 14th consecutive month, causing Non-Manufacturing ISM index to climb from 57.1 to 59.4, while a gain to only 57.2 was expected by the specialists. The factory orders increased … “Dollar Gains as Service Industries Expand”
Euro Slumps as ECB Holds Interest Rates Unchanged
The euro tumbled today as the European Central Bank left the interest rates unchanged and the comments of bank’s President Jean-Claude Trichet caused the speculation that the rates will remain unchanged for the whole year. The Governing Council of the ECB decided at todayâs meeting that the interest rate on the main refinancing operations will remain unchanged at 1 percent. Such decision was generally expected by market participants. Trichet said in the introductory statement to the ECB press conference … “Euro Slumps as ECB Holds Interest Rates Unchanged”
Less Expectations, Stronger Impact? Non-Farm Payrolls Preview
Non-Farm Payrolls hold fewer expectations, after the past two disappointment. What’s expected, and how will the dollar react? Here’s a preview for the king of forex. This time, the indicators leading towards the Non-Farm Payrolls aren’t as great as last month, but the US economy is still improving. Weekly job claims have had some setbacks. … “Less Expectations, Stronger Impact? Non-Farm Payrolls Preview”
Rising Services PMI Pushes Pound Further Up
The Great Britain pound rose today for a fourth day as the growth of the UK service industries in January was better than the economists predicted, reinforcing the outlook for a interest rates hike by Britain’s central bank. The Markit/CIPS Business Activity Index rebounded sharply in January, rising from 49.7 to 54.5, the highest level since May 2010. The expected value was 51.2. The report explained the good growth by “improved weather and return to business as normal”. GBP/USD … “Rising Services PMI Pushes Pound Further Up”
British Services Help Pound
The British pound enjoyed three good purchasing managers’ indices in the past week – the last to come out was the most important. The services sector is very important in Britain. Last month was shocking – the score fell below the 50 point mark, meaning that this sector was squeezing. This goes hand in hand … “British Services Help Pound”
Tanks Fire in Cairo
Heavy arms are firing in Cairo, either tanks or APC vehicles. It’s still unclear what’s going on. As darkness falls on Egypt, the situation could deteriorate further – this is what happened yesterday. Newly appointed Egyptian vice president Omar Suleiman will go on TV soon. The prime minister Ahmad Shaifq had a very long press … “Tanks Fire in Cairo”
Australian Dollar Rises with Mortgage Approvals & Trade Surplus
The Australian dollar went up today as the number of mortgage approvals surged and the trade surplus expanded more than predicted. The number of mortgage approvals jumped 8.7 percent in December. This growth looks astonishing compared to the expected value of 1.6 percent and considering the decline by 3.9 percent in November. The trade balance posted a surplus of 1.98 billion in December, while the median forecast was 1.63 billion. AUD/USD rose from 1.0101 to 1.0126 as of 12:19 … “Australian Dollar Rises with Mortgage Approvals & Trade Surplus”
Shahira Amin Quit Egyptian State TV
Senior State TV reporter Shahira Amin quit Nile TV, the government’s television station. Speaking on Al-Jazeera, she said that she can’t stand the government’s propaganda anymore, and that she came to be with the people in Tahrir (Liberation) square. Shahira Amin’s move is currently the first made by the media. The television building are heavily guarded by … “Shahira Amin Quit Egyptian State TV”