The South African rand went higher today for the first time this week as the good fundamentals and the outlook for the USA overshadowed the European crisis. William Dudley, president of the Federal Reserve Bank of New York and vice chairman of the Federal Open Market Committee, suggested in his speech yesterday that the Federal Reserve has capacity to ease the monetary policy further in order to support the nation’s economy. The fundamental report this week continued the trend of the previous … “South African Rand Higher on Good News from USA”
Month: November 2011
Yen Remains Strong Against the US Dollar
Japanese yen is higher today against the US dollar, a situation that has many companies in Japan increasing their efforts to shift overseas. Yen continues to strengthen, in spite of efforts by Japanese leaders to keep the currency weak against the dollar. Right now, Japanese manufacturers are trying to figure out how they can remain competitive in a world where the Japanese yen simply won’t remain lower against the US dollar. … “Yen Remains Strong Against the US Dollar”
Euro Rises on Optimism, Mario Draghi’s EFSF Prodding
Euro is heading higher today, gaining after four days of losses. Forex traders hope that the ECB’s buying of Spanish and Italian bonds will slow yield rises. Additionally, traders are optimistic as Mario Draghi urges eurozone countries to implement changes to the EFSF. Yesterday, the euro struggled quite a bit after making some small gains. Today, though, the euro seems to be on footing that is a little more … “Euro Rises on Optimism, Mario Draghi’s EFSF Prodding”
Euro to Crash When German Yields Join the Party
The debt crisis weakened the euro, but the drops aren’t so significant, and are puzzling many. Well, most of the moves in the bond markets have been within the zone: from the periphery to the core, to the benchmark. As the wolves are closing in, also the German benchmark is in danger of being broken. … “Euro to Crash When German Yields Join the Party”
Small Relief for Swiss Franc
The Swiss franc had a small relief today, rising after four consecutive sessions of losses, but it’s unlikely that the currency could profit from worries about Europe. The franc was falling for four straight days against the dollar and the yen, touching yesterday the lowest level since October 10. The movement against the euro was sideways this week, but today the Swiss currency also rose a little, following the drop … “Small Relief for Swiss Franc”
Pound Remains Week as Confidence Reaches Record Low
The Great Britain strengthened a little yesterday as the retail sales rose last month, but the currency hasn’t been able to retain its upward momentum and currently moves without a clear direction. The volume of the UK retail sales increased 0.6 percent in October from September, following the 0.5 percent increase in the preceding month. That’s much better than market expectations of a 0.2 percent drop. The value of the sales rose 0.7 percent. The report … “Pound Remains Week as Confidence Reaches Record Low”
Ringgit Remains Lower Even as Risk Aversion Eases
The Malaysian ringgit remains down on today’s trading session even as good news from Europe eased risk aversion sentiment among Forex traders. Pessimism ruled the Forex market at the start of the session as Spain’s borrowing costs surged. Tensions eased after Franc auctioned its debt, showing lower yield. Some currencies profited from the positive news, but the ringgit wasn’t among them. Uncertainty about the future development of the situation … “Ringgit Remains Lower Even as Risk Aversion Eases”
Eur/Jpy: Downtrend To Extend – Elliott Wave Analysis
EUR/JPT moved significantly lower from start of November, as three-wave of recovery from 100.70 found the pick at 111.50 region, where C wave was equal to wave A almost on pip! When an impulsive decline occurred two weeks back from top and then price action slowed down for a few days, we warned our subscribers … “Eur/Jpy: Downtrend To Extend – Elliott Wave Analysis”
European Citizens Losing Control Case 2: Spain
Spain’s citizens are likely to replace the current government and vote for a new one in the upcoming elections – looks like democracy in action. But are they really voting for some kind of change. Yet again, the citizens are not really calling the shots. The recent crisis has shown that citizens of European countries … “European Citizens Losing Control Case 2: Spain”
Canadian Dollar Finds Strength as Eurozone Fears Ease
Canadian dollar is gaining strength for the first time in days as some of the fear over the eurozone dissipates. Loonie has been struggling, in spite of relatively sound fundamentals, on sentiment related to the eurozone. Today, though, some of the fear related to the eurozone is easing as the news circulates that the ECB has bought more Italian bonds in an effort to help keep the bond yield down. Additionally, demand for loonie-denominated securities remains reasonably high. Canada … “Canadian Dollar Finds Strength as Eurozone Fears Ease”