The US dollar climbed today after the positive macroeconomic reports eased concerns that the US economy is weakening and allowed the currency to recover from the recent slump. The US import and export prices both rose 0.2 percent in May. The import prices increased as higher non-fuel prices outweighed decline of fuel prices. The deficit of the federal budget was $57.6 billion last month, compared to the median forecast of $123.2 billion. Virtually all … “Dollar Recovers on Positive Fundamentals”
Month: June 2011
EUR/GBP Pressured, GBP/USD Weakening
EURGBP: Pressured To The Downside. EURGBP- Our call for a turn off on a test of the 0.8843 level is now playing out as EURGBP tested and bounced off that level on Thursday. However, a return above the 0.8976 level must be established to end its present bear threats and open the door for a … “EUR/GBP Pressured, GBP/USD Weakening”
New Zealand Dollar Near Record
The New Zealand dollar traded near record today as commodities and equities gained, while China’s imports increased, improving prospects for New Zealand’s exports. The annual growth of China’s imports was 28.4 percent last month. The MSCI Asia Pacific Index of regional shares rose 0.2 percent. The Reuters/Jefferies CRB Index of raw materials climbed 0.7 percent yesterday. NZD/USD traded at 0.8250 as of 13:01 GMT today after rising from … “New Zealand Dollar Near Record”
South Korea’s Central Bank Raises Rates, Boosts Won
The South Korean won rose today against the euro and gained versus the US dollar before retreating as the nation’s central bank lifted its main interest rate to rein the inflation. The Bank of Korea raised its Base Rate by 25 basis points to 3.25 percent today. The Bank was pretty optimistic regarding the nation’s economic growth in its Bank of Korea: For Korea, the Committee judges that, despite the temporary sluggishness of domestic demand, … “South Korea’s Central Bank Raises Rates, Boosts Won”
Eur/Usd Headed Even Lower While Below 1.47 – Video
Eur/usd fell to even lower levels in recent trade after earlier reversal from 1.4550 during Asian hours, when stocks were mixed with Japanese Nikkei up 0.4%, Australian ASX 0.2% while Hang Seng Index, South Korean Kospi Index and Chinese Shangai Composite Index lost some of thier value. German DAX traded negative at the European open … “Eur/Usd Headed Even Lower While Below 1.47 – Video”
FXCM Sees Higher Volume, More Trades in May
US based forex broker FXCM published key metrics for the month of May. Most components show nice rises from April 2011 and from May 2011. This includes volume of trades, number of trades and also the number of tradeable accounts. The only metric that is slightly lower is the number of active accounts. The action … “FXCM Sees Higher Volume, More Trades in May”
USD/CAD Consolidating, EUR/USD Under Pressure
USDCAD: Consolidating But Vulnerable USDCAD: Our outlook on USDCAD remains that of consolidation with upside bias as long as the 0.9737/0.9640 levels continue hold as supports. However, a clearance of the 0.9849 level must be triggered to resume its near term uptrend. This will set the stage for a run at the 0.9969 level, its … “USD/CAD Consolidating, EUR/USD Under Pressure”
Loonie Falls as Canada’s Trade Gap Widens
The Canadian dollar slid today as the report that the Canadian trade balance deficit unexpectedly widened outweighed the increase of crude oil prices. Canada’s trade balance deficit increased to C$924 million in April from C$417 million in March, while analysts expected a surplus of C$400 million. The New Housing Price Index rose 0.3 percent in April, compared to the market expectation of a 0.6 percent growth. Analysts estimated, before the report from Statistics … “Loonie Falls as Canada’s Trade Gap Widens”
Euro Weakens as ECB Holds Rates, Economy Falters
The euro went down after the European Central Bank kept its benchmark rates unchanged, while reports showed that France’s and Germany’s trade balance deteriorated. The currency regained some of its strength today. The ECB left its interest rate on the main refinancing operations unchanged at 1.25 percent. Jean-Claude Trichet, President of the ECB, was moderately optimistic and said on the press-conference after the monetary policy decision: Furthermore, the most recent data … “Euro Weakens as ECB Holds Rates, Economy Falters”
James Chen Appointed as Director of Technical Research and
If you haven’t heard already, James Chen has been appointed as the director of technical research and education at FXDD. Chen is a highly regarded analyst and educator, which I am always happy to recommend and link to. Chen previously worked at FX Solutions, and publishes his analysis also on his site FXPath. He is … “James Chen Appointed as Director of Technical Research and”