The US dollar went up today versus most of its major peers as the speculation that the global economy will face a double-dip recession made investors stick to safe currencies. The greenback is still considered to be a safe currency even with all the turmoil in the United States. This day was rich on the macroeconomic reports from the US, but the data has left a mixed feeling about the largest North American economy. … “Dollar Rises While Traders Afraid of Recession”
Month: August 2011
Franc Unfazed by SNB Attempts to Weaken Currency
The Swiss franc advanced today for the second day, paying no heed to the attempts of the Swiss central bank to prevent the currency from strengthening even more and hurting the nation’s economy. Currently the franc retreated somewhat against the dollar. The Swiss National Bank announced yesterday that it’s increasing liquidity for the franc on markets and would continue to buy SNB bills and use foreign-exchange swap transactions. Immediately after that announcement the Swiss currency started … “Franc Unfazed by SNB Attempts to Weaken Currency”
Cheaper Oil Means Weaker Ruble
Russia’s ruble weakened today after crude oil declined, reacting to the negative data about the US unemployment claims that reduced hopes for improvement of the economy in the US. The jobless claims came out at 408,000 last week, worse than predicted 402,000. Higher unemployment means slower economic growth and, as a consequence, less demand for fuel. Futures for delivery of crude oil in September fell 1.6 percent to $86.19 per barrel. Oil … “Cheaper Oil Means Weaker Ruble”
Leverate Private Label Offering Empowered with New Tools
Leverate, which provides solutions for forex brokers announces enhancements to its offering – tools that help in attracting traders and maintaining them. Marketing, SEO assistance and forex tutorial videos can be integrated in their systems now. Leverate also offers tools for brokers to deal with traders: a behavioral analysis tool to dive into the traders’ actions and … “Leverate Private Label Offering Empowered with New Tools”
Australia Dollar Receives Help from Commodities
The Australian dollar rose today, rallying to the highest price in almost two weeks against the US dollar, as commodities gained and increased appeal of growth-related currencies to Forex traders. The Leading Index of Melbourne Institute showed the annual growth of 0.1 percent in June. That’s not a bad result, compared to the 0.1 percent decline in the month before, but far below the long-term trend of 2.8 percent. The Wage Price Index rose 0.9 percent in the second … “Australia Dollar Receives Help from Commodities”
CAD Gains vs. USD as Investors Seek Higher Yield
The Canadian dollar advanced against its US counterpart as market sentiment improved, making investors more willing to risk and look for higher-yielding currencies. The currency was down against the euro and the yen. The Producer Price Index in the US, the major trading partner of Canada, rose 0.2 percent in July, following the drop by 0.4 percent in June. Market analysts expected no change. Futures on crude oil (the key Canadian export) gained 1.9 percent … “CAD Gains vs. USD as Investors Seek Higher Yield”
Yuan Goes Down as Europe Saps Demand for Asian Assets
The Chinese yuan fell today as the central bank set the reference rate for the currency lower for the first time in six day after the European leaders failed to reach an agreement about measures for fighting the debt crisis. The European leaders were discussing yesterday the plans to issue joint euro-bond, but rejected that idea after all, making traders to question what exactly politician are going to do with the debt issues (and are they … “Yuan Goes Down as Europe Saps Demand for Asian Assets”
SNB Doesn’t Mention Euro-Peg, Franc Resumes Rally
The Swiss franc gained today even after the Swiss National Bank announced yet another intervention. The explanation of such behavior is the fact that the Bank didn’t mention euro-peg, which it was considering, according to rumors. The SNB wrote today: The SNB has therefore decided to expand again significantly the supply of liquidity to the Swiss franc money market. Markets counted on euro-peg, when they were pushing the franc lower, and were … “SNB Doesn’t Mention Euro-Peg, Franc Resumes Rally”
Euro-zone Core Inflation Drops – Case For Rate Cut
Core CPI unexpectedly dropped to an annual pace of 1.2% in July, significantly lower than 1.7% that was expected, and lower than last month’s 1.6%. This shows that the “secondary effects” of rising commodity prices is diminishing, as the economic slowdown is felt across the continent. Trichet’s stubborn rate hikes have taken their toll. Is … “Euro-zone Core Inflation Drops – Case For Rate Cut”
Pound Rises as Inflation Accelerates
The Great Britain pound strengthened against most its major peers after the report showed that the consumer prices in the UK increased more than forecast last month. The government report showed that the annual inflation in Britain was 4.4 percent in July, up from 4.2 percent in June. Median forecast was a 4.3 percent growth. Bank of England Governor Mervyn King in his letter to George Osborne, Chancellor of the Exchequer, … “Pound Rises as Inflation Accelerates”