The Canadian dollar climbed to the highest level in more than three years against its US counterpart as the recovery of the global economy gains momentum and the rally of raw materials increases demand for growth-related currencies. The currency slipped versus the euro. May delivery for crude oil, the main export of Canada, rose 0.3 percent to $108.66 per barrel in New York after reaching earlier $109.15, the highest price since September 24, 2008. June … “Canada’s Currency Rises as Global Recovery Quickens”
Month: April 2011
Buy the Rumor, Sell the Fact? ECB Preview
EUR/USD enjoyed the implicit and explicit talks about a rate hike in the Euro-zone. But now, as the moment of truth has arrived, the outcome for the common currency could be very different. Here’s a preview for the ECB rate decision, with 5 scenarios. Rate Hike vs. Debt Crisis In the previous press conference that … “Buy the Rumor, Sell the Fact? ECB Preview”
Pound Loses Ground as Industrial Production Slows
The Great Britain pound lost most of its gains versus the US dollar today as the report showed an unexpected decline of the industrial output in February. The UK industrial production decreased by 1.2 percent in February, while it was expected to show the same 0.3 percent growth as in January. Manufacturing production was flat, instead of expanding by 0.6 percent as was forecast by analysts. GBP/USD retreated from the intraday high of 1.6363 to 1.6313 as of 15:52 GMT … “Pound Loses Ground as Industrial Production Slows”
Euro Goes Higher vs. Dollar on Prospect for Higher Rates
The euro reached the highest level in more than a year today against the US dollar on the speculation that the European Central Bank not only will raise its benchmark interest rate tomorrow, but will continue to increase the rates further in the future. Analysts say that the ECB will boost its minimum bid rate by 25 basis points, from 1 percent to 1.25 percent, on the meeting of its policy makers tomorrow. … “Euro Goes Higher vs. Dollar on Prospect for Higher Rates”
EURUSD: Resumes Long Term Uptrend
EURUSD: The pair has now turned above the 1.4266/79 levels, its key resistance level paving the way for a further strength towards the 1.4576 level, its Jan 2010 high. We will like to see EUR hold above the 1.4266/79 levels on a daily closing basis to convince the market of further strength. Guest post by … “EURUSD: Resumes Long Term Uptrend”
Usd/Jpy Approaching 86.00
Usd/Jpy once again established new highs, now well above 85.00 region, where the price action may slow down. The reason is of course the substructure which is in five waves within an extended red wave 3). Guest post by Gregor Horvat As such, we need to pay attention on the red support line, where a … “Usd/Jpy Approaching 86.00”
US Dollar Gains vs. Yen, Falls vs. Euro & Pound
The US dollar surged against the Japanese yen after the minutes of the Federal Open Market Committee showed that some policy makers considered removing of stimulus. The dollar fell versus the euro and the yen as the US services industry expanded in March with slower pace than was forecast. The FOMC policy makers voted unanimously for keeping the interest rates unchanged. Yet some told that less accommodative policy may be necessary. … “US Dollar Gains vs. Yen, Falls vs. Euro & Pound”
Australian Dollar Recovers After Losses on RBA Statement
The Australian dollar fell yesterday against the US dollar and the euro as the Reserve Bank of Australia kept its benchmark interest rate unchanged and the trade balance posted an unexpected deficit. The Aussie currently recovered against the greenback and attempts to rise against the euro, the currency also gained versus the Japanese yen. The RBA decided yesterday to keep its cash rate unchanged at 4.75 percent, in line with the expectations of analysts. Bank’s Governor Glenn Stevens … “Australian Dollar Recovers After Losses on RBA Statement”
South Korean Won Retreats on Possibility of Intervention
The South Korean won ended its five-day rally, falling today, on concerns that the government will intervene to slow the appreciation of the currency. The won also weakened on the speculation that demand for the dollar will increase as overseas investors will convert their earnings. Foreign investors expanded their holdings of Korean shares for a 14th day, the longest streak of net purchases so far this year. USD/KRW rose from 1,087.70 to 1,088.80 today … “South Korean Won Retreats on Possibility of Intervention”
AUD/USD – Trading the Home Loans Release
Australia’s publication of the change in home loans is a key indicator for the housing sector and for the whole economy. The release always results in strong moves in the Aussie and provides a trading opportunity. Indicator Background The change in the number of loans for homes is important as it reflects the willingness of … “AUD/USD – Trading the Home Loans Release”