US dollar is surging today in Forex trading, heading higher as financial markets retreat on the latest debacle in the Greek financial tragedy. In a surprise move, Greece has agreed to call a referendum on the rescue plan, and that has sparked global fears that Greece will just default. A referendum on the Greece rescue plan would mean that citizens — many of whom have been protesting austerity measures necessary to get the bailout … “US Dollar Surges as Financial Markets Retreat”
Month: November 2011
Norway Krone Falls as Central Bank Intervenes
The Norway krone declined today after the Norway central bank announced its plans to purchase foreign currency, weakening the nation’s currency. Norges Bank announced yesterday that it’s going to buy foreign exchange equivalent to 1.6 billion kroner per day for the Government Pension Fund Global. The announced size of purchase was bigger than most analysts have anticipated. Fed Vice Chairman Janet Yellen and other central bank … “Norway Krone Falls as Central Bank Intervenes”
Will Bernanke Raise Forecasts? FOMC Preview
The Federal Reserve took action in the past two meetings, pledging low rates and announcing “Operation Twist. It is likely to take a break now, as conditions improve. For the first time since June, the statement will be followed by a press conference by Ben Bernanke. A lack of big announcements in the statement can … “Will Bernanke Raise Forecasts? FOMC Preview”
Russia Ruble Falls Ahead of Greek Referendum
The Russian ruble fell today as the concerns about the global economic slowdown weakened crude oil — the main nation’s source of export revenue. Greece’s Prime Minister George Papandreou said he’s going to put to a referendum the proposed plans for the bailout of the nation by other member of the European Union. A negative vote on the referendum may lead to a default. China’s Purchasing Managers’ Index fell to 50.4 in October from 51.2 in September, signaling about the slowdown … “Russia Ruble Falls Ahead of Greek Referendum”
AUD/USD: Trading the Australian Building Nov 2011
The Australian Building Approvals indicator, released monthly, measures the change in the number of new building approvals issued. As such, it is one of the most important indicators of the construction sector. A reading that is higher than the market prediction is bullish for the Australian dollar. Here are all the details, and 5 possible outcomes for AUD/USD. Published on Wednesday at … “AUD/USD: Trading the Australian Building Nov 2011”
Technical Overview: Dollar On The Rise
The US dollar gains accelerated through Asia session after RBA cut interest rate to 4.5%. Dollar index trades higher impulsively, so from technical perspective turning point is confirmed, especially as Euro fell well below 1.3800 swing zone. In fact, dollar index made 3-waves down from October 4ht, so further gains are definitely in view now … “Technical Overview: Dollar On The Rise”
Euro Continues Decline as EU Economy Worsens
The euro extended its decline today as the fundamental data suggested the economy of the European Union worsened, spurring the speculation that the problems of the EU are too big to be resolved in the near future. The retail sales in Germany, one of the major European economies, rose 0.4 percent in September (seasonally adjusted), as Destatis reported, following the drop by 2.7 percent in August. That wasn’t a bad result, but economists hoped for a 1.1 percent increase. The unemployment … “Euro Continues Decline as EU Economy Worsens”
Traders Feel Doubts About EU Rescue Plans, CAD Suffers
The Canadian dollar weakened today after stocks declined as traders speculated that the European leaders would experience problems on their way to drag the European Union out of crisis. The optimism about the European rescue plan was really short-lived and investors weren’t very impressed by the agreements achieved by the EU politicians. The situation in Europe still has heavy impact on the global economy and currently it’s unfriendly for most assets, save for “refuge” ones. The Standard … “Traders Feel Doubts About EU Rescue Plans, CAD Suffers”