The news that President Obama’s address to the nation today will outline a more comprehensive plan for dealing with the country’s chronic fiscal obesity has failed to turn the tide of negativity towards the greenback over recent days. Encouragingly, the White House seems to be finally embracing the need for drastic policy action, including meaningful … “Obama’s fiscal epiphany unlikely to reverse dollar downtrend”
Month: April 2011
AFC Champions League – Now Sponsored by FxPro
Following the announcement about the sponsorship of the French side Monaco FC, FXPro now moves to football (soccer) in Asia as well. The forex broker announces that it will now sponsor the Asian Football Confederation Champions League. This move will definitely help grow awareness in Asia. The popularity of currency trading is growing across Asia … “AFC Champions League – Now Sponsored by FxPro”
EURGBP: Clears The 0.8852 Level, Eyes More Strength
EURGBP– With a clearance of the 0.8852 level now seen, further upside risk is now building up towards its Oct 25’2010 high at 0.8940 level where a break will resume its long term uptrend. Guest post by www.fxtechstrategy.com This will set the stage for more strength towards the 0.9000 level, its big psycho level where the … “EURGBP: Clears The 0.8852 Level, Eyes More Strength”
Loonie Falls as BOC Keeps Main Rate Unchanged
The Canadian dollar slid after Canada’s central bank left its key interest rate unchanged and on concerns that strong currency may harm the nation’s economic growth. Currently the currency rose a little and moves sideway versus the euro and the US dollar. The Bank of Canada left its overnight rate at 1 percent, as was expected by Forex market participants. The Bank explained its concerns about the strong currency in the statement: The persistent strength … “Loonie Falls as BOC Keeps Main Rate Unchanged”
US Dollar Weakens as Trade Deficit Remains Above Forecasts
The US dollar slipped today versus the euro and the yen after the report showed that the US traded balance deficit shrank less than was predicted by analysts. Forecasts were also too optimistic about the federal budget as today’s report showed. The US trade balance narrowed from $47.0 billion in January to $45.8 billion in February. Median forecast promised the deficit to decline to $44.1 billion. The deficit of the federal budget went from … “US Dollar Weakens as Trade Deficit Remains Above Forecasts”
Swedish Krona Fell as Inflation Pressure Recedes
The Swedish krone declined today as the inflation pressure weakened, reducing need for the central bank to increase the interest rates. Statistics Sweden reported today that the annual inflation adjusted for mortgage costs was 1.5 percent in March, compared with the forecast of 1.7 percent. The Riksbank has raised its main interest rate five times since July to prevent the nation’s rapidly growing economy from overheating, yet now the slower inflation … “Swedish Krona Fell as Inflation Pressure Recedes”
Swiss Franc Gains on Japan’s Woes
The Swiss franc strengthened today, rising for the fifth straight day against the US currency, after Japan was hit by another earthquake and on the speculation that the damage nuclear plant will release more radiation that Chernobyl power plant. The nuclear power plant in Fukushima prefecture was damaged by earthquake on March 11, causing the radiation leak. Another earthquake of 6.3-magnitude hasn’t improved the situation. Japanâs Nuclear and Industrial Safety Agency raised … “Swiss Franc Gains on Japan’s Woes”
Canadian Dollar Weakens Before BOC Meeting
The Canadian dollar fell today before the meeting of the Bank of Canada policy makers as the central bank is expected to keep the interest rates unchanged and after commodities retreated. The BoC will keep its overnight rates unchanged at 1 percent, according to forecast of analysts. Canada was first country among the Group of Seven to raise the interest rates and was raising the rates for some time, but now Canada’s economy doesn’t look healthy … “Canadian Dollar Weakens Before BOC Meeting”
Euro Falls as Higher Rates Can Cripple Weaker Economies
The euro slipped today on the speculation that the interest rates hike, performed by the European Central Bank last week, may hurt the most indebted nations of the European Union. The ECB raise its main interest rate on April 7, causing the uncertainty about the future of the European economy. Generally, the higher interest rates are considered good for an economy, but only if economic growth is strong enough. The problem with the EU is … “Euro Falls as Higher Rates Can Cripple Weaker Economies”
Australian Dollar Falls on Profit-Taking
The Australian dollar fell today, after it almost reached the previous record high earlier, on the speculation that traders will sell the currency to profit from the unprecedented rally. The strength of the Australian currency was caused by the rally of commodities. The Reuters/Jefferies CRB Index of raw materials rose 2.2 percent last week, posting the third straight weekly gain. It’ll be interesting to see will the rally continue this week or investors will … “Australian Dollar Falls on Profit-Taking”