Forex traders are showing a little more caution today, after yesterday’s enthusiastic shift toward risk appetite. Euro is moving a little lower against major counterparts now that traders are re-thinking the eurozone attempt to rein in sovereign debt. One of the issues for the euro today is that Italy’s debt rose in cost. As a result, Forex traders and others are once again looking at yesterday’s announcement from eurozone … “Forex Traders More Cautious Today”
Month: October 2011
EUR/USD Falls as Optimism Wanes
The Great Britain pound gained today against the euro as the optimism caused by the rescue plans for the Eurozone quickly waned. The currency fluctuated against the dollar as the confidence of Britons declined. It’s surprising how fast the positive sentiment of traders turned to cautious stance, considering that previously optimism persisted on markets for a long time even without any positive news. This time optimistic went away as fast as it appeared and investors started to abandon … “EUR/USD Falls as Optimism Wanes”
Baht Falls as Floods Overwhelm Thailand’s Capital
The Thai baht fell today on the outlook for slower economic growth and interest rate cut caused by the floods in Thailand’s capital. Assistant Governor Paiboon Kittisrikangwan said: The impact of the floods is severe and widespread, from the agricultural to the industrial sectors, and economic activities including exports, consumption and private investment are expected to slow. If the economy slows, there is a possibility that the central bank may ease monetary policy, but it has … “Baht Falls as Floods Overwhelm Thailand’s Capital”
Aussie Retreats After Jump
The Australian dollar retreated today after the yesterday’s surge on the speculation the currency gained to much and to fast to keep the gains. The Australian dollar, as well as other currencies with high yield, advanced yesterday as the European leaders described the planned measures to rescue the European Union from the debt crisis. The Aussie, as the currency nicknamed, reached the highest level in almost two months against the US dollar and the yen. Yet today the currency started the trading session with … “Aussie Retreats After Jump”
Dollar Closes with Losses on Optimism About Eurozone
The US dollar headed to weekly losses against most major currencies as the Eurpoean leaders at last revealed some of their plans for solving Europe’s debt problems, damping need for safer currencies among investors. The nervousness that was building up before the plans were revealed made sure that a reaction to any tangible information about the plans of the European governments would be spectacular. The only question was would be that … “Dollar Closes with Losses on Optimism About Eurozone”
EUR/USD Surges Past 1.41 Level on Eurozone Deal
Forex traders are almost delirious with happiness today as eurozone leaders announced a deal to contain the sovereign debt crisis — at least for now. Private bondholders will be taking a nominal 50% haircut on Greek debt, and everyone seems happy about it. For now, this has propelled the euro higher in Forex trading. EUR/USD has surged beyond the 1.41 level. However, there are some worries that the situation … “EUR/USD Surges Past 1.41 Level on Eurozone Deal”
Rand Jumps on Positive News from Europe
It looks like the European leaders have reached consensus about some questions they were discussing during their meetings. The signs of progress in resolving Europe’s crisis were welcomed by traders and riskier currencies, including the South African rand, gained. Traders were holding breath as the European Union chiefs were struggling to find a cure for the ailments of the EU economy. Absence of any clear plans to resolve the problems was frustrating and depressing … “Rand Jumps on Positive News from Europe”
Progress on Europe for now
European leaders finally thrashed out a comprehensive response to their sovereign debt and banking crisis which culminated in a detailed communiqué released this morning in Brussels. This is a summary of the key features of this document together with our assessment of its effectiveness: By Michael Derks of FxPro After enormous pressure from both the … “Progress on Europe for now”
Forex Live Presents Forextravaganza
Forex Live is having an interesting event in New York City on November 10th: a round table discussion which will include the people behind Forex Live and also a special guest: Jim Trott, Jim Trott was Chief Dealer at the Bank of England from 1990 until 2001, including the turbulent period which included Black Wednesday. Jim … “Forex Live Presents Forextravaganza”
Canadian Dollar Strengthens against US Dollar
As the Europeans announce a debt agreement, the Canadian dollar is strengthening against the US dollar. It’s been more than a month since the loonie has reached this level against the greenback, but some think that the strength is more a function of general greenback weakness today. With the Bank of Canada forecast for Canadian economic growth cut earlier this week, there isn’t a whole to cheer about in terms of the loonie. Indeed, … “Canadian Dollar Strengthens against US Dollar”