The Polish zloty gained today after data showed that retail sales in Poland grew last month, while positive macroeconomic reports from the eurozone and the United States added to strength of higher-yielding currencies. Polish retail sales advanced 14.3 percent in January on an annual basis, following the 8.3 percent increase in December. The median estimate promised a 13.8 percent growth. Poland’s Finance Minister Jacek Rostowski said that outlook for the nation’s … “Zloty Gains as Polish Retail Sales Grow with Increased Pace”
Month: February 2012
Economic Data Helps Loonie
Canadian dollar is benefiting from improved sentiment today. A general feeling of risk appetite has returned to the Forex market, thanks to encouraging economic news out of the United States and Germany. Loonie is also finding some support against the US dollar as a commodity currency, with oil prices on the rise. Good news about the German Ifo is providing some risk appetite right now. Business confidence, as measured by the Ifo, … “Economic Data Helps Loonie”
US Dollar Lower Across the Board
US dollar is lower across the board as equities show some spunk today. US stock futures are expected to open higher, and British stocks are higher today. There is a measure of risk appetite today as Forex traders consider what could be positive economic data. In the United States, it appears that the housing market could be starting a recovery. Additionally, an unchanged jobless claims report has … “US Dollar Lower Across the Board”
Euro Rises as German Business Confidence Reaches Seven-Month Record
The euro advanced today as German business confidence this month reached the highest level in seven months, easing concerns about economic growth of the eurozone. The concerns haven’t completely disappeared, though, and the currency gave up some of its gains. The Ifo Business Climate Indicator was at 109.6 in February, compared to the January figure of 108.3 and the median forecast of 108.7. That’s the highest reading since July. Germany has been a source of optimism about … “Euro Rises as German Business Confidence Reaches Seven-Month Record”
Rand Gains as South Africa Strives for Smaller Budget Deficit
The South African rand gained today as South Africa may avoid credit rating downgrade from rating agencies by decreasing its budget deficit faster than was previously estimated. South Africa’s Finance Minister Pravin Gordhan said yesterday that Moodyâs Investors Service and Fitch Ratings may improve outlook for the nation’s debt. Gordhan said that the country is doing enough for the rating agencies to be able to change … “Rand Gains as South Africa Strives for Smaller Budget Deficit”
Yen Falls as Traders Anticipate More Stimulus from Bank of Japan
The Japanese yen slipped today versus the US dollar and the euro today as Forex traders were concerned that the Bank of Japan will continue expanding its asset purchase program to counter deflation. The BoJ made a move that surprised most market analysts as the bank boosted its asset purchase program by 10 trillion yen to 30 trillion on February 14. BOJ Governor Masaaki Shirakawa said that the central bank set 1 … “Yen Falls as Traders Anticipate More Stimulus from Bank of Japan”
GBP/USD: Trading the British GDP
The Gross Domestic Product (GDP) indicator is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the pound. Here are all the details, and 5 possible outcomes for GBP/USD. Published on Friday … “GBP/USD: Trading the British GDP”
Pound Slips as Minutes Show Probability of Quantitative Easing
The Great Britain pound erased its gains versus the Japanese yen and slumped against the US dollar and the euro today as the minutes of the Bank of England monetary policy meeting showed that some policy makers voted for a bigger increase of asset purchases. The minutes showed that, while seven members of the Monetary Policy Committee voted for expanding the asset purchases program by £50 billion, “two members of the Committee (David Miles and Adam Posen) voted … “Pound Slips as Minutes Show Probability of Quantitative Easing”
EUR/USD Squeezed in Narrowing Channel – Will it Break
Looking at the hourly chart of EUR/USD, a narrowing channel can be easily seen. The pair doesn’t have too much room to move within the channel as the lines are set to meet before the week ends. Given the growing worries about the deal, the preferred direction is down. Uptrend support begins from the low … “EUR/USD Squeezed in Narrowing Channel – Will it Break”
Euro Falls as Eurozone Economic Data Points to Possible Recession
The latest economic data out of the eurozone is pointing to a possible recession, and that has the euro losing ground to the US dollar today. Business activity in the eurozone showed an unexpected contraction for the month of February, and that is raising fears of economic slowdown. According to Markit Economics, the eurozone’s composite purchasing managers’ index dropped to 49.7 in February, from the 50.4 it showed in January. Many had expected the index to rise to 50.8, and the contraction below … “Euro Falls as Eurozone Economic Data Points to Possible Recession”