The Canadian dollar weakened today as the sovereign-debt crisis in Europe saps demand for riskier assets and drive commodity prices down, making the Canadian currency less attractive to Forex trading. The currency advanced against the euro. Crude oil, key export of Canada, fell as much as 2.3 percent to $85.92 per barrel in New York. December futures for copper delivery slid 3.8 percent to $3.7825 per pound on COMEX. The Standard & Poorâs 500 … “European Problems Have Negative Impact on Canada’s Currency”
Month: September 2011
EU Ministers’ Meeting Ends Without Result, Euro Slumps
The finance ministers of the European Union countries discussed the European debt problems, particularly the situation in Greece on the weekend, but the meeting ended without any noticeable result. The euro reacted very negatively to the indecisiveness of the European politicians. Greece should convince the EU leaders and the International Monetary Fund that the nation is eligible for the next round of the bailout. So far, it seems, Greece had little success. Swedenâs Finance Minister Anders Borg … “EU Ministers’ Meeting Ends Without Result, Euro Slumps”
USD/JPY and GBP/JPY Under Bear Pressure
USDJPY: Bearish, Weakness Pressures the 75.92 Level USDJPY: With a follow through lower on the back of its past week gains now seen, further weakness is now envisaged towards the 75.92 level, its 2011 low. USDJPY has been under bear pressure since topping out at the 124.13 level in Jun’2007 and with that downtrend remaining … “USD/JPY and GBP/JPY Under Bear Pressure”
How will this Greek tragedy come to an end?
With key European officials in crucial talks with the Greek government at the start of this week, the next round of Greek bailout funding is firmly in focus. The Greek situation has prompted some serious discontent from European voters, and this was perfectly expressed in Germany where Angela Merkel is beginning to feel the heat. … “How will this Greek tragedy come to an end?”
EUR/USD: Trading the German ZEW Sep 2011
The German ZEW Economic Sentiment Index is based on a monthly economic survey of economists and analysts and their views of the German economy. A higher reading than the previous month signals growth and bodes well for the Euro, while a lower reading could send the Euro downwards. Here are all the details, and 5 … “EUR/USD: Trading the German ZEW Sep 2011”
Is Greece Preparing for a Default? Greek PM Cancels
The Prime Minister of Greece, George Papanderou, cancelled a visit to the US in order to stay in Greece and take care if business. Papandredou was already in London, and had a series of planned meetings before a conversation with finance minister Venizelos probably convinced him to stay. Over the weekend, the EU finance ministers … “Is Greece Preparing for a Default? Greek PM Cancels”
GBP Falls for Fourth Week, Quantitative Easing Expected
The Great Britain pound posted the fourth straight weekly decline against the US dollar and the Japanese yen as the fundamental data signaled that the nation’s economy is stagnating, prompting the speculation the UK central bank will be required to embark on a quantitative easing. There was enough data this week to support the negative outlook for the future of Britain’s economy. The RICS UK Housing Market Survey showed 23 percent more surveyors recorded … “GBP Falls for Fourth Week, Quantitative Easing Expected”
Spain’s Navarra Region In Danger of Bankruptcy
Spanish unpaid bills continue to weigh heavily on the country. The northern region of Navarra, which is known for its wines might be bankrupt by the end of the year. Basic services and workers’ salaries might not be paid, as the coffers are quite empty. The new regional government has “discovered” a deficit of 600 … “Spain’s Navarra Region In Danger of Bankruptcy”
Canadian Securities Drive Canadian Dollar to Two-Week Record
The Canadian dollar jumped today, reaching the highest level in two weeks against its US counterpart and the Japanese yen, as foreign investors bought more Canadian securities than was predicted. The purchases of the Canadian securities by foreign investors rose by C$11.8 billion ($12 billion) in July. That’s much better than the median forecast of C$2 billion and a huge improvement over June decline by C$3.4 billion. The MSCI World Index of stocks gained … “Canadian Securities Drive Canadian Dollar to Two-Week Record”
NZD Gains as RBNZ Shows Optimism for New Zealand Economy
The New Zealand dollar jumped today after the Reserve Bank of New Zealand maintained its interest rates yesterday and signaled that the good health of the nation’s economy can lead to higher rates in the future. The RBNZ held the Official Cash Rate (OCR) unchanged at 2.5 percent yesterday. The central bank explained that “the New Zealand economy has performed relatively well”. Yet the outlook for the global economy, including the markets of the main nation’s … “NZD Gains as RBNZ Shows Optimism for New Zealand Economy”