Even with the disappointing GDP data coming out of the United States, there is still plenty that some Forex traders are excited about. The US dollar index is lower as risk appetite makes its appearance, and as the need for safe haven diminishes. Jobless claims in the United States dropped to 364,000, instead of rising as expected. The news is providing hope that the US economy might be ready to begin recovering … “Data Helps High Beta Currencies; US Dollar Index Drops”
Month: December 2011
Japanese Yen Lower as Cautious Optimism Makes Appearance
Japanese yen is lower today, heading lower as cautious optimism makes an appearance on the Forex market. Economic data in the United States came in better than expected, and that means the yen is not being used as a safe haven. Earlier, Japan reported that the forecasts for fiscal 2011 and 2012 had dropped. Japan expects weak economic forecasts, and a lower GDP. This isn’t very surprising, since the tsunami in March did … “Japanese Yen Lower as Cautious Optimism Makes Appearance”
Forex 2011 – The Year of the Tortoise and the Hare
Trading volume is thinning down towards the holiday season that marks the end of the year and it’s a good time to look back at movements of currencies in the past year. The fable of the tortoise and the hare seems appropriate to describe this year. The most volatile currency pairs had quite a limited … “Forex 2011 – The Year of the Tortoise and the Hare”
Pound Climbs on GDP & Business Investment
The Great Britain pound advanced today after the economic reports showed that the nation’s economy grew and the business investment expanded last quarter. The gains were limited as the trade balance and current account deficits widened. The UK gross domestic product expanded 0.6 percent in the third quarter, following the 0.1 percent growth in the second quarter. The business investment rose 0.3 percent in Q3 from Q2. Britain’s current account deficit reached … “Pound Climbs on GDP & Business Investment”
Swedish Krona Gains After Reaching Weekly Record
The Swedish Krona gained today after touching the highest level in a week against the US dollar yesterday as the speculation that the US economy is recovering returned risk appetite to the Forex market to some degree. Analysts predict that today’s economic data will show that the US economy grew in the third quarter and the consumer confidence improved this month. The Standard & Poorâs 500 Index futures rose 0.3 percent today. … “Swedish Krona Gains After Reaching Weekly Record”
Swiss Government Considers Further Measures to Weaken Franc
The Swiss franc declined after the government signaled that it considers measures to further weaken the currency as its excessive strength continues to hurt the nation’s exporters. Finance Minister Eveline Widmer-Schlumpf signaled that the government considers taking steps for depreciating the franc. The minister said: If the situation deteriorated further in the foreign- exchange markets, we would have the opportunity to take certain accompanying measures. Among the considered measures were restrictions and levy … “Swiss Government Considers Further Measures to Weaken Franc”
Canadian Dollar Gains as Retail Sales & Oil Prices Rise
The Canadian dollar advanced as prices for crude oil rallied and the report showed that the Canadian retail sales grew in October. The currency is under pressure as the positive sentiment disappeared from the Forex market. The Canadian retail sales advanced 1.0 percent in October for the third consecutive month, following the September increase at the same rate. The forecast value was only 0.4 percent. The core sale advanced 0.7 percent. Crude oil gained 1.8 … “Canadian Dollar Gains as Retail Sales & Oil Prices Rise”
US Dollar Index Rises on European Uncertainty
Uncertainty about what’s next for the eurozone is prompting gains for the US dollar today, with the dollar index moving higher, heading for the 80 level. Concerns about the eurozone once again dominate, and the US dollar is moving higher as a result. Earlier, the ECB began a three-year lending program for banks in the eurozone. The program is designed to keep the credit markets liquid during this time, so that interbank lending remains strong. … “US Dollar Index Rises on European Uncertainty”
Euro Lower as Banks Take Three-Year Loans from ECB
Today, for the first time, the European Central Bank began offering three-year loans as part of a plan to provide struggling countries with the funding to avoid collapsing due to the debt crisis. Even though the measure is supposed to help eurozone countries, the euro has slipped against other major currencies. The ECB is offering three-year loans to banks, and more than 500 have taken advantage of the loans, with a demand of more than 480 … “Euro Lower as Banks Take Three-Year Loans from ECB”
Pound Higher Despite Confusing Consumer Confidence Reports
The Great Britain pound advanced despite the consumer sentiment report was negative today. On the other hand, yesterday’s report showed positive developments, making traders confused. The explanation of the difference could be that one report is for December and another is for November. The Nationwide consumer confidence index rose from 36 to 40 in November from the preceding month. The GfK index dropped from -31 to -33 in December, the lowest level in almost … “Pound Higher Despite Confusing Consumer Confidence Reports”