The euro weakened today, falling for the second day against the dollar and the yen, after the European Central Bank maintained its key interest rate unchanged yesterday. The ECB left its target minimum bid rate at 1.5 percent. Central bank’s President Jean-Claude Trichet said on the press conference after the monetary policy decision: Looking ahead, we expect the euro area economy to grow moderately, subject to particularly high uncertainty and intensified … “ECB Keeps Rates Unchanged, Euro Falls”
Month: September 2011
CFTC Sues 11 More Forex Companies
The companies are sued under the 2008 Farm Bill, the Dodd-Frank Act and the CFTC’s regulations. The 11 new lawsuits join 14 previous ones, making the total number 25. Some of the firms are based in the US, while others are from the British Virgin Islands, Belize, the UK, Australia and Cyprus. Here are their names: … “CFTC Sues 11 More Forex Companies”
USD/CAD: Trading the Canadian Sep 2011
The Canadian employment change is an important leading indicator which tends to have a significant impact on the markets. Traders always take a close look at employment figures, and the employment change numbers could affect USD/CAD. Here are the details and 5 possible outcomes for USD/CAD. Published on Friday at 11:00 GMT. Indicator Background Job creation is … “USD/CAD: Trading the Canadian Sep 2011”
South Korea Keeps Rates Unchanged, Won Down
The South Korean won fell today after the nation’s central bank decided to keep its main interest rates unchanged, signaling that the economic recovery is faltering. The Bank of Korea maintained its key Base Rate unchanged at 3.25 percent. The bank said in the statement: Based on currently available information, the Committee considers that, while emerging market economies have shown favorable performances, the recoveries in major advanced economies including … “South Korea Keeps Rates Unchanged, Won Down”
EUR/CHF Moving Higher – Implications for EUR/USD and USD/CHF
The SNB put a floor under EUR/CHF, at 1.20. In the first hours after the shock the pair was just above this line, as the authorities struggled to stabilize their huge effort. It has now drifted higher, taking a safer distance. What does this mean for USD/CHF and for EUR/USD? USD/CHF This upwards move has … “EUR/CHF Moving Higher – Implications for EUR/USD and USD/CHF”
Australian Dollar Falls as Unemployment Grows
The Australian dollar fell today after the employment data came out much worse than was expected, prompting the speculation that the central bank will cut its interest rates. The number of employed persons in Australia decreased by 9,700 in August, being nothing near the median estimate of an advance by 10,700. July decline was revised from only 100 to 4,100. The poor employment resulted in the unexpected increase of unemployment rate to 5.3 percent. … “Australian Dollar Falls as Unemployment Grows”
Euro Advances as Stocks Rally. Future Still Looks Uncertain
The euro gained against the US dollar and the Japanese yen as equities advanced and on the speculation the European Central Bank won’t reduce interest rates, but gains of the shared European currency were limited because of concerns about the financial crisis in the region. Market participants speculate that ECB President Jean-Claude Trichet would refuse to cut borrowing costs, increasing supply of cash to bank of the Eurozone instead. Many economists are concerned about such … “Euro Advances as Stocks Rally. Future Still Looks Uncertain”
BoC Maintains Interest Rates, Canadian Dollar Climbs
The Canadian dollar jumped against its US counterpart as the Bank of Canada announced, after deciding to keep the target lending rate unchanged, that it’s expecting the economic growth to resume in the second half of this year. The BoC announced today that it’s keeping the key overnight rate at 1 per cent. The bank said in its announcement: The Bank continues to expect that growth will resume in the second half of this year, led … “BoC Maintains Interest Rates, Canadian Dollar Climbs”
AUD/USD: Trading the Australian jobs Sep 2011
The release of the Australian employment change and unemployment rate indices are critical leading indicators which always affect the markets. The importance of employment figures coupled with their publication early in the month could have a significant impact on AUD/USD. Here are the details and 5 possible outcomes for AUD/USD. Published on Thursday at 1:30 … “AUD/USD: Trading the Australian jobs Sep 2011”
More Bad Macroeconomic Data from UK, Pound Hurt
The Great Britain pound slid versus the euro and the Japanese yen today after the macroeconomic data showed that industrial production slowed in July and house prices declined last month. Both results came out as an unpleasant surprise for market participants. Halifax house price index declined 1.2 percent in August on a monthly basis. The decline followed three consecutive months of increases and traders hoped that last month the index would also … “More Bad Macroeconomic Data from UK, Pound Hurt”