US dollar is lower as markets take a breather, showing signs of optimism after a tense couple of days. Stocks in Europe are still struggling, but US stock futures are in the black, hopeful on positive US economic data. Jobless claims data is reasonably positive, with new claims down to 388,000, and housing market data is better than many expected as home inventories begin to drop. As a result, a little … “US Dollar Lower as Markets take a Breather”
Month: November 2011
USD/CAD: Trading the Canadian Core CPI
The Consumer Price Index (CPI), also known as inflation, measures the change in the price of goods and services charged to consumers. Canadian Core CPI excludes eight volatile components, notably food and energy prices. A reading that exceeds the market forecast is bullish for the Canadian dollar. Here are all the details, and 5 possible outcomes … “USD/CAD: Trading the Canadian Core CPI”
GBP/USD: More Weakness To Come After A Pull-back
Cable broke through the 1.5860/90 support region which could be start of something bigger to the downside, especially if we consider that prices slipped below the support line of a trading channel as well. But notice that even if we still count move from the top in a corrective way, such as double zig-zag, we … “GBP/USD: More Weakness To Come After A Pull-back”
Forex Investment for Institutional Clients Launched by Currensee
Currensee, which launched the first forex social network, is expanding its flagship Trade Leaders Investment Program to institutional clients. The current turmoil in the markets leaves little safe havens for such investors. Movements in currencies provide an interesting investment opportunity. The launch is accompanied with a significant cooperation: Currensee has partnered with HedgeCo Securities, a … “Forex Investment for Institutional Clients Launched by Currensee”
Euro Heads to Five-Week Low
The euro fluctuated today, erasing its previous gains and heading to the lowest level in five weeks, after Spain’s debt auction and the warning by Fitch Ratings about the impact of the European crisis on US banks. Yield on Spain’s bonds rose at today’s auction, reinforcing concerns among Forex market participants. The Stoxx Europe 600 Index of shares retreated 0.8 percent, falling for the third session in four days. Fitch warned that the spreading European … “Euro Heads to Five-Week Low”
AUD Higher Today After Yesterday’s Decline
The Australian dollar pared its yesterday’s decline, but the outlook for the currency is still rather pessimistic. The Australian currency extended its yesterday’s fall against the euro. France and Spain are going to auction debt today. Yield on the Eurozone bonds is the center of attention this week and market participants consider it as an indicator of the situation in Europe. Previously, soaring borrowing costs were negative for market sentiment and it’s very likely that … “AUD Higher Today After Yesterday’s Decline”
Chilean Peso Drops After Central Bank Maintains Interest Rates
The Chilean peso went down today even as the nation’s central bank refrained from decreasing interest rates amid concerns about impact of the European crisis on the global economy. Chile’s central bank decided to leave the main interest rate at 5.25 percent yesterday. Chile has the second highest borrowing costs among Latin American nations. The bank wrote: Domestically, output figures are evolving close to projections in the last Monetary Policy … “Chilean Peso Drops After Central Bank Maintains Interest Rates”
EUR/USD Dips Below 1.3500
Earlier, euro saw a bit of a tentative rally in Forex trading, gaining a little ground against the US dollar. Now, though, all of that momentum is gone, and euro is heading lower. Indeed, euro has dipped below the 1.3500 mark, heading down through another psychological barrier as the situation in the eurozone continues to be dire. So far, the installation of Mario Monti as Prime Minister and Finance Minister in Italy hasn’t stemmed … “EUR/USD Dips Below 1.3500”
GBP Lower on BoE Outlook & Unemployment Rate
The Great Britain pound weakened today as the inflation report showed that outlook of the nation’s central bank is pessimistic, while the unemployment rate rose more than was expected. The unemployment rate increased to 8.3 percent in September from 8.1 percent in the preceding month, while experts predicted a reading of 8.2 percent. The Bank of England said in its inflation report: The outlook for the UK economy has worsened. Global growth has slowed. … “GBP Lower on BoE Outlook & Unemployment Rate”
BOJ Keeps Rate at Virtually Zero
Yen is mostly lower today as risk aversion sets in after a brief glimpse of optimism yesterday. Even though the BOJ has announced that it will keep its benchmark rate practically at zero, there is enough economic concern that the yen remains in demand. Indeed, the BOJ cited a number of growing troubles among the reasons that the interest rate will remain the same. Japanese leaders affected concern over … “BOJ Keeps Rate at Virtually Zero”