The Hungarian forint gained today after European finance ministers agreed to boost the bailout fund, leading to hope that Hungary may be able to resolve its debt problems. European finance chiefs agreed to bolster the firewall against the debt crisis at todayâs meeting in Copenhagen. While they are aiming to help mainly Greece, Ireland and Portugal, the increase of the bailout funds may also be beneficial to Hungary. The country is the most … “Forint Gains as Europe Strengthens Firewall Against Crisis”
Month: March 2012
US Dollar Index Declines as Cautious Optimism Makes an Appearance
US dollar index is lower today, declining as better news encourages cautious optimism and improves risk appetite. The greenback is lower against the euro on better news out of the 17-nation currency region, as well as encouraging news about consumer spending in the United States. The US dollar index is a little lower today, falling back on the last day of the first quarter of 2012. Against the euro, the US dollar is down as Spain … “US Dollar Index Declines as Cautious Optimism Makes an Appearance”
Euro Gains as Leaders Raise Firewall Limit to 800 Billion Euros
Euro is seeing a boost today as financial ministers in the eurozone agree to raise the firewall meant to contain the spread of sovereign debt crises to 800 billion euros. The move is only temporary, though, and designed to help the eurozone navigate the tricky waters expected over the next year or so. By June 2013, the permanent capacity is supposed to be set at 500 billion euros. The news is helping the euro, though, by providing a measure of security … “Euro Gains as Leaders Raise Firewall Limit to 800 Billion Euros”
NZ Dollar Rises with Asian Stocks
The New Zealand dollar advanced today, rising against the US dollar and erasing its previous losses versus the Japanese yen, as Asian stocks gained ahead of the meeting of European finance ministers. Yesterday, market sentiment was negative, bringing most risky currencies down. The pessimism remained at the beginning of today’s trading session, but, gradually, traders’ stance was shifting toward optimism ahead of the meeting of European finance chiefs. The MSCI Asia … “NZ Dollar Rises with Asian Stocks”
Rand Advances Ahead of European Ministers’ Meeting
The South African rand advanced against the US dollar today after three day of losses as the euro gained versus the greenback on hopes that European lawmakers would approve an increase of the bailout fund. European finance ministers meet in Copenhagen today to discuss whether to boost the rescue fund. The euro gained against the dollar, helping the rand in the process. Additionally, the European Union is one of the major trading partners of South Africa, therefore its … “Rand Advances Ahead of European Ministers’ Meeting”
Czech National Bank Maintains Interest Rates, Koruna Drops
The Czech koruna rose today even after the Czech National Bank kept its two-week repurchase rate unchanged yesterday on concerns that the global economic slowdown will hurt demand for nation’s exports. The Czech central bank maintained its key interest rate at 0.75 percent. Six members of the bank’s board voted in favor of this decision, while one voted to increase the rate by 25 basis points. The central bank predicted … “Czech National Bank Maintains Interest Rates, Koruna Drops”
USD/CAD Drops as Canada’s Budget Deficit Expected to Shrink
Forex market sentiment wasn’t favorable for riskier assets today, but Canada’s dollar managed to gain against the US dollar and the euro. The currency also reduced its losses versus the Japanese yen. Traders’ optimism very quickly turned to uncertainty as signs all around the world spoke about economic slowdown. Concerns about Europe resurfaced, while economists became less optimistic about the United States and China. The Canadian currency was … “USD/CAD Drops as Canada’s Budget Deficit Expected to Shrink”
Australian Dollar Heads Lower on Risk Aversion
Australian dollar is heading lower today, largely due to risk aversion. High beta currencies like the Aussie are at a disadvantage today as Forex traders seek safe haven with the US dollar. Concerns about global economic growth, and the situation in the eurozone, are weighing on the Australian dollar, along with other high beta currencies. Weaker sentiment is hurting the Australian dollar, especially in Asia. As Asian stock indexes retreated … “Australian Dollar Heads Lower on Risk Aversion”
US Dollar Strengthens as Eurozone Concerns Resurface
US dollar is strengthening in Forex trading as concerns about the eurozone continue to weigh on world markets. Slightly disappointing data in the United States, along with worries that the debt crisis in Europe isn’t properly contained, are sending Forex traders looking for safe haven, and that is boosting the greenback. Greenback is gaining against its major counterparts — except the Japanese yen — today as concerns about Europe … “US Dollar Strengthens as Eurozone Concerns Resurface”
Rupee Falls as Global Economic Recovery in Danger
The Indian rupee slipped today as the signs that the global economic recovery is slowing hurt prospects for currencies of riskier emerging markets and caused the speculation that India’s economy may suffer as export demand would wane. Great Britain’s economy contracted 0.3 percent in the fourth quarter of the last year, more than was previously estimated (0.2 percent). France’s gross domestic product rose in Q4 2011 with slower pace … “Rupee Falls as Global Economic Recovery in Danger”