USD/CAD Having reversed its intra day losses and close higher above its April 27’2011 high at 0.9572 on Wednesday, further gains currently seen could push the pair towards the 0.9709/20 levels, its April 18/May 05’2011 high. Guest post by www.fxtechstrategy.com A convincing break above there will call for a run at 0.9824 level, its Mar 24’2011 … “USDCAD: Faces Further Declines”
Month: May 2011
Great Britain Pound Slips on Slower Industrial Production
The Great Britain pound weakened today after the report showed that the UK industrial production expanded in March far less than was predicted. Britain’s industrial production increased by 0.3 percent between February and March. That’s three times below the forecast of a 0.9 percent increase. Industrial output shrank 1.2 percent in February. Manufacturing output rose 0.2 percent in March. The worse-than-expected numbers in the industrial sector can give the UK … “Great Britain Pound Slips on Slower Industrial Production”
EUR/USD – Trading the German GDP
Can Germany continue carrying the Euro-zone forward? There have been some worrying signs coming out of the economic giant, making the release very important. Here are the details and 5 possible scenarios. Background All the Euro-zone countries are publishing GDP figures on Friday. The general picture is of shallow growth, with most countries hardly moving, … “EUR/USD – Trading the German GDP”
Gbp/Usd: Downtrend In Progress
Pound has formed an impulsive fall from 1.6517 region in past few sessions, where a previous three-wave bounce from 1.6270 has likely completed. We know that only corrective waves are structured by three legs, and since prices already moved below previous wave (b) support we are quite confident that this pair is headed much lower. … “Gbp/Usd: Downtrend In Progress”
Norwegian Krone Benefits from Anticipation of Higher Rates
The Norwegian krone gained today on the forecast that the nation’s central bank will raise its interest rates today to slow the fast credit growth. Most analysts think that Norges Bank will raise its key rate to 2.25 percent from 2.0 percent. The decision will be made at 14:00 today. Norway has the lowest jobless rate in Europe and that resulted in the biggest credit growth in 20 months. The inflation … “Norwegian Krone Benefits from Anticipation of Higher Rates”
Employment Decline Sends Australian Dollar Down
The Australian dollar slumped today after employment in Australia unexpectedly dropped in April, posting the biggest drop since 2009. The number of employed people in Australia decreased by 22,100 in April from March, following the increase by 43,300 in March from February. It’s very unpleasant surprise for traders, who hoped for an increase by 17,600. The negative employment change together with falling commodities creates a very strong downward pressure on the Australian currency. AUD/USD tumbled … “Employment Decline Sends Australian Dollar Down”
Pound Gains on Inflation Outlook, Weakens on Rates Outlook
The Great Britain pound gained versus the euro today after Britain’s central bank increased its inflation forecast. The currency erased gains against the US dollar and the Japanese yen as the BoE Governor Mervyn King hinted that the interest rates won’t be raised in the foreseeable future. The BoE wrote in its Inflation Report that “there is a good chance that inflation will reach 5% later this year, and it … “Pound Gains on Inflation Outlook, Weakens on Rates Outlook”
8 Worrying Similarities Between Spain and Ireland
The bailouts for Greece, Portugal and especially Ireland were supposed to prevent a bailout for Spain. While the Spanish and Irish economies differ in size, they went a similar way into the crisis. Will Spain have Ireland’s fate? Analysis of 8 similar and worrying similarities. The Euro-zone’s fourth largest economy is double those of Ireland, … “8 Worrying Similarities Between Spain and Ireland”
EUR/JPY Continues To Face Bear Threats
EUR/JPY- While the cross closed slightly higher above our highlighted resistance at the 116.46 level, its April 18’2011 low on Tuesday, it has backed off that level in early trading today. We expect the 116.46 level to continue to cap gains. Guest post by www.fxtechstrategy.com This should turn EURJPY lower towards the 114.78 level with a … “EUR/JPY Continues To Face Bear Threats”
Interest Rates Outlook Keeps Rand Down
The South African rand moved lower versus the US dollar for a third day today on outlook that the nation’s central bank will keep the interest rates unchanged. The Monetary Policy Committee of the South African Reserve Bank will meet tomorrow to discuss the interest rates. Analysts expect that the policy makers will hold the target rate unchanged at 5.5 percent. The expected dovish statement of the central bank can hurt appeal of the rand … “Interest Rates Outlook Keeps Rand Down”