With all the uncertainty about the outcome of the coming European Union summit Forex traders remembered that the Swiss franc was considered a safe currency and flocked to the Swissie in search of a refuge from the market volatility. The EU summit will start tomorrow and traders eagerly await its outcome. While the final plan is expected to be introduced on the next meeting, everybody hope at least for some suggestions about the future course of the euro area. … “Franc Continues to Profit from Troubles in Europe”
Month: October 2011
Japanese Yen Surges in Forex Trading
Yesterday, the Japanese yen moved lower in Forex trading. Today, though, there has been a bit of a reversal. Now the yen is surging against its major counterparts, heading suddenly higher. Against the US dollar, the Japanese yen is moving much higher. One of the reasons that the yen might be seeing success against the greenback could be due to rumors about an increase of dollars soon. Some believe that … “Japanese Yen Surges in Forex Trading”
UK Borrowing Shrinks, While Consumer Confidence Deteriorate
The Great Britain pound jumped against the US dollar today after the report showed the nation’s budget deficit shrank more than expected. The performance of the sterling against the Japanese yen wasn’t so good as the confidence of the British consumers unexpectedly worsened. Britain’s public sector net borrowing fell to £14.1 billion in September from £15.4 billion a year ago, while market analysts anticipated a reading of £15.0 billion. The budged deficit decreased … “UK Borrowing Shrinks, While Consumer Confidence Deteriorate”
Euro Higher against Dollar on Eurozone Optimism
Euro is higher against the US dollar today, getting a boost from another round of optimism about a solution to the sovereign debt crisis. So far, euro has hit a high just for today at 1.3901, before dropping back a bit. Once again, optimism is high that this weekend summit will produce an agreement for a way to contain the sovereign debt crisis in the eurozone. Perhaps Forex traders feel that the EU … “Euro Higher against Dollar on Eurozone Optimism”
USD/INR Above 50, Will RBI Intervene?
The Indian rupee fell below 50 per a dollar today on the signs of an economic slowdown in India, spurring the speculation that the nation’s central bank may intervene to support the currency. The economy of India, third biggest in Asia, expanded 7.7 percent in the second quarter from a year ago, the slowest growth rate since 2009. Indian Finance Minister Pranab Mukherjee said that the annual economic growth in the first quarter may be lower … “USD/INR Above 50, Will RBI Intervene?”
NZD Goes Up on EFSF Intervention Guideline
The ever-shifting mood among Forex market participants, caused by the uncertain prospects for a resolution of the European struggle with debt, translates into violent swings and an unpredictable behavior of currencies. The behavior of the New Zealand dollar wasn’t very different, yet the currency managed to gain as there was a reason for optimism. The main theme for talks among investors is the European Union summit this weekend and the possible boost of the European Financial Stability Facility. The question whether … “NZD Goes Up on EFSF Intervention Guideline”
Renewed Optimism for Europe’s Bailout Fund Boosts Loonie
Europe and its problems continue to rule the Forex market. Yet again traders looked with hope at the upcoming European Union summit as the speculation persists about the expansion of the EU rescue fund. The European leaders will meet at the summit in Brussels this weekend to discuss the current problems of the region and the possible measures to rescue the nations suffering from indebtedness, most notably Greece. It looks like Germany and France agreed on some sort of package … “Renewed Optimism for Europe’s Bailout Fund Boosts Loonie”
Japanese Yen Lower; Japan Considers Quake Bonds
Japanese yen is heading lower today as traders focus on good earnings in the US. It appears as though a eurozone solution is, yet again, being put off. However, traders are still look for yields, and the yen is lower as a result. In addition to the current Forex market conditions, some traders are also interested in the news that Japan might soon sell close to one trillion yen in bonds. These “quake … “Japanese Yen Lower; Japan Considers Quake Bonds”
South Korean Won Drops as Traders Leave Asian Currencies
The South Korean won weakened today as Forex traders shun the currencies of emerging markets because of worries about the effect of the crisis in Europe on the global economy. Analysts think the gains of the won were to big to sustain, resulting in the current decline. South Korean Finance Minister Bahk Jae Wan said in parliament today that the nation should intervene in the currency market only when necessary to ease an adverse effect of the exchange rate on the economy. It … “South Korean Won Drops as Traders Leave Asian Currencies”
Franc Finds Strength in Fears of European Crisis
The Swiss franc gained today as many traders remained unconvinced about ability of the European leaders to find a cure for the region’s failing economy, driving Forex market participants to the perceived safety of the Swiss currency. The speculation about the potential increase of the European Union bailout fund was met with enthusiasm among investors, but many traders didn’t believed the politicians will reach an agreement to boost the fund. What’s more, even the increase of the rescue … “Franc Finds Strength in Fears of European Crisis”