The Australian dollar rallied this week as optimism returned to the Forex market on the positive signs from the United States. The flow of bad news from Europe paused for a time, easing concerns about the sovereign debt crisis. Worries about Europe persisted in the first half of the week, weakening commodity currencies. The attempts of the European central bank to inject capital into the European banking systems through loans didn’t helped market sentiment at first. Later, … “Weekly Gains of Aussie on Good US Economy”
Month: December 2011
US Economic Growth Benefits Australian Dollar
The Australian dollar gained against the euro and closed higher versus the greenback today as signs that the US economy continues to recover reinforced positive mood on the Forex market and increased appeal of higher-yielding currencies. Durable goods orders rose 3.8 percent in November, following no change in October. The median forecast was 2.2 percent. New home sales increased from 310,000 in October to 315,000 in November, being in line with forecasts. Personal … “US Economic Growth Benefits Australian Dollar”
Dollar Erases Losses vs. Euro
The US dollar erased its losses against the euro today after a report showed that France’s GDP increased in the last quarter less than was previously estimated. The greenback rose versus the pound, but dropped against the yen. France’s gross domestic product rose 0.3 percent in the third quarter from the second quarter, according to the National Institute of Statistics and Economic Studies, compared to the previously estimated growth by 0.4 percent. GDP … “Dollar Erases Losses vs. Euro”
Swiss Franc Lower on Expected Job Cuts
Swiss franc is lower today in Forex trading, dropping as leaders warn that more job cuts are likely on the way in the country. Swiss companies expect to see weaker sales going forward (an outgrowth of the recently strong franc, which puts Swiss companies at an export disadvantage), and the news means that job cuts are likely on the way. Additionally, Swiss financial leaders reiterated their commitment to a weaker franc. Earlier this … “Swiss Franc Lower on Expected Job Cuts”
Euro Vulnerable in Forex Trading
Euro remains vulnerable in Forex trading, thanks to the still-unresolved eurozone debt crisis. The 17-nation currency is flat right now, slightly lower, ahead of the holiday. Trades are winding down, and the euro is still likely to run into trouble against safe haven currencies like the US dollar and the Japanese yen. Indeed, euro is lower against both of those currencies today. Some are disappointed in the euro’s performance, though. … “Euro Vulnerable in Forex Trading”
Pound Falls with Mortgage Approvals
The Great Britain pound fell against the Japanese yen and erased its gains versus the US dollar today after the report showed that the banks approved less home loans in November than in the month before. British Bankers’ Association reported that the number of the mortgage approvals was 34,700 in November, compared to 35,200 in October. Market analysts were optimistic before the report and hoped for an increase to 36,300. The FTSE 100 Index of stocks added … “Pound Falls with Mortgage Approvals”
Bank Rossii Lowers Main Interest Rate as Inflation Slows
The Bank Rossii (Russia’s central bank) unexpectedly lowered its main interest rate today on the concerns that the inflation decelerates. The Russian ruble is still up against the US dollar despite the news. The Russian central bank lowered its key refinancing rate by 25 basis points to 8.00 percent, effective from December 26. Such move surprised most economists. The Bank of Russia explained in its statement: The said decision … “Bank Rossii Lowers Main Interest Rate as Inflation Slows”
GBP/USD: Trading the US New Home Sales
The New Home Sales report is a leading indicator of housing activity. The indicator is released on a monthly basis, and helps analysts track consumer spending. A higher reading than that expected by the market is bullish for the dollar. Here are all the details, and 5 possible outcomes for GBP/USD. Published on Friday at 15:00 … “GBP/USD: Trading the US New Home Sales”
Rupee Falls Despite Help from RBI
The Indian rupee weakened today on the speculation that the currency will continue its awful performance in the next year even as the nation’s central bank has taken steps to bolster the Indian currency. The rupee was the worst performer among the Asian currencies and the currencies of the BRIC nations this year. India’s currency reached the record low of 54.305 per dollar on December 15. The weakness of the rupee prompted the Reserve Bank of India to act in order to support … “Rupee Falls Despite Help from RBI”
Loonie Rallies as US Economy Shows Signs of Recovery
The Canadian dollar advanced for the third day against the US currency and for the fourth straight session versus the euro and the Japanese yen as the signs of the economic recovery in the United States eased the pessimism caused by the problems in Europe. The Conference Board leading indicators rose 0.5 percent in November, more than was predicted by analysts. The US gross domestic product expanded 1.8 percent in the third quarter. That’s less than the figure market participants hoped for and that … “Loonie Rallies as US Economy Shows Signs of Recovery”