GBPUSD: Bullish, Threatens The 1.6516 Level GBPUSD: As bullish pressure continues to build up, further upside risk is expected to target the 1.6516 level, its May 11’2011 high. This is coming on the back of a recovery rally started from the 1.6056 level on May 24’2011. With that said, to convince the market that a … “GBP/USD and USD/CAD Technical Analysis”
Month: May 2011
Canadian Dollar Heads for Weekly Decline on US Economy
The Canadian dollar fell against most major currencies and headed for the fourth straight weekly decline against its US counterpart as the sings of the economic slowdown in the US, the biggest Canada’s trading partner, reduced appeal of the currency. Crude oil, the main Canadian export, fluctuated today, trading near $100.33. The yield on the government two-year securities fell two basis points to 1.50 percent. The MSCI World Index of shares gained as much as 1.1 percent. … “Canadian Dollar Heads for Weekly Decline on US Economy”
Dollar Slumps on Personal Spending & Pending Home Sales
The US dollar extended its drop against most major currencies today as the economic data showed that US consumers were spending less than expected last month and pending home sales slumped heavily. US personal spending rose 0.4 percent in April, while it was expected to maintain the March rate of growth â 0.5 percent (revised from 0.6 percent). Personal income kept its 0.4 … “Dollar Slumps on Personal Spending & Pending Home Sales”
Rand Advances vs. Dollar on Economic Growth
The South African rand rose today against the US dollar as the nation’s economic recovery remains strong, while the US recovery is stalling. Deputy Governor Daniel Mminele said that South Africa’s inflation is “somewhat benign” compared with other emerging markets. Mminele added that the central bank have to find a way to deal with the inflation without endangering the strong economic recovery. These comments spurred talks … “Rand Advances vs. Dollar on Economic Growth”
South Korean Won Climbs on Current Account Surplus
The South Korean won gained today as the nation’s current account surplus advanced to the highest level in four months in April, increasing demand for South Korean assets. The Bank of Korea reported today that South Korea’s current account surplus climbed to $1.88 billion in April from the revised reading of $1.33 billion in March. The surplus rose as exports increased despite the strength of the nation’s currency. The won also strengthened as investors for the second day were … “South Korean Won Climbs on Current Account Surplus”
Benzinga Gets $1.5 Investment from Groupon Founders
Finance portal Benzinga got an investment of $15 million from Lightbank, a fund started by Groupon founders. The financial site is growing fast, including a thriving forex section and will now seek further expansion. The money will be used for expansion in staff, business development and more. Full details are in the press release: Lightbank … “Benzinga Gets $1.5 Investment from Groupon Founders”
Euro Rises vs. Dollar as Economy Stabilizes
The euro strengthened against the US dollar today as the stream of bad news calmed, signaling that the economic environment stabilizes. The currency slipped against the Japanese yen before rebounding. The Greek government announced new cuts, but the main opposition party rejected the austerity measures. The European leaders delays the decision about restructuring of Greece’s debt in hopes that the nation will be able to fix its economy soon enough to avoid such … “Euro Rises vs. Dollar as Economy Stabilizes”
US Dollar Falls on GDP & Rising Unemployment Claims
The US dollar fell as the negative economic data spurred talks that the US Federal Reserve will lag behind the European Central Bank in increasing interest rates. The preliminary report showed that the US gross domestic product grew 1.8 percent in the first quarter of 2011, following the 3.1 percent growth in the fourth quarter of 2010. Market participants anticipated an increase by 2.2 percent. The claims for unemployment benefits rose from 414,000 to 424,000 … “US Dollar Falls on GDP & Rising Unemployment Claims”
New Zealand Dollar Jumps on Chinese Investments
The New Zealand dollar surged today on the speculation that Chinese companies are interested in buying the New Zealand assets. Interest.co.nz said that China Investment Corporation, a sovereign wealth fund, is planning to invest in the South Pacific nationâs assets, including government bonds, companies and dairy farms. According to the website, the company may set aside 1.5 percent (equivalent of about NZ$6 billion) of its foreign exchange reserves for investments in the New … “New Zealand Dollar Jumps on Chinese Investments”
EUR/USD: Trading the Pending Home Sales May 26 2011
The last major economic indicator for the week is a very volatile one and will add action to the jittery markets at this time of the week. Here are all the details, and 5 possible outcomes for EUR/USD. Published Friday, 14:00 GMT. Indicator Background The housing sector is lagging behind, with falling home prices and … “EUR/USD: Trading the Pending Home Sales May 26 2011”