The Australian dollar dropped versus the Japanese yen and fluctuated against the US dollar after reaching the monthly low as the report showed that Australia’s economic growth slowed last quarter. Australian gross domestic product rose 0.4 percent in the fourth quarter of 2011, compared to the advance by 0.8 percent in the previous three months and the median forecast of 0.7 percent. Nation’s current account deficit widened from A$5.8 billion in the third quarter of last … “Aussie Touches Monthly Low as Economic Growth Slows”
Month: March 2012
Rand Rises, Struggles to Keep Gains
The South African rand rose today against the dollar at the beginning of the trading session. The currency struggles to keep its gains and currently fell below the opening rate. The rand rose today as some analysts speculated that exporters used the strong dollar to buy the currency. Forex traders anticipate that private bondholders will accept the terms of the Greek debt swap, adding to positive sentiment on the FX market and helping higher-risk currencies. The rand may … “Rand Rises, Struggles to Keep Gains”
Forex Best Awards 2012 – Winners List
FXStreet’s Forex Best Awards for 2012 has ended. More than 5000 participants cast their votes. Thanks to everybody that voted for Forex Crunch. Unfortunately, the site didn’t win the Best Fundamental Analysis category that it won in 2011. Congratulations to “What’s up, Forex Doc? 6-month Check up” by FXstreet.com that won the prize. Forex Crunch … “Forex Best Awards 2012 – Winners List”
USD/CHF: Trading the Swiss CPI
The Swiss CPI, also known as inflation, measures the change in the price of goods and services charged to consumers. The indicator is released monthly, and has the potential to be a market-mover. A reading that exceeds the market forecast is bullish for the Swiss franc. Here are all the details, and 5 possible outcomes for USD/CHF. … “USD/CHF: Trading the Swiss CPI”
Greek Default Unlikely to Cause Market-Wide Credit Crisis
After receiving around a trillion euros, European banks are well prepared to offset losses from a Greek default, yet the EU may still allow Athens to miss another deadline. Ilya Spivak of DailyFX discusses Greece, the diminishing chances of QE3 in the US and other fundamental issues in the interview below. Ilya Spivak is a currency strategist … “Greek Default Unlikely to Cause Market-Wide Credit Crisis”
RBA Keeps Rates Unchanged, Aussie Slides
The Australian dollar tumbled today after Australia’s central bank maintained its key cash rate unchanged, but suggested that the prospect for an interest rate cut remains. The Reserve Bank of Australia left its main interest rate unchanged at 4.25 percent. Such decision was expected by market participants. Governor Glenn Stevens said that “the setting of monetary policy remained appropriate for the moment”, but added: Should demand conditions … “RBA Keeps Rates Unchanged, Aussie Slides”
Russian Ruble Falls as Eurozone GDP Spurs Risk Aversion
The Russian ruble weakened today on risk aversion caused by the report that showed a decline of the eurozone economy, turning investors away from currencies they considered too risky. Riskier assets took a hit after the report from Eurostat showed that eurozone gross domestic product decreased 0.3 percent. Coupled with the decrease of China’s growth forecast, the data created a very unfavorable trading environment for currencies with higher yield … “Russian Ruble Falls as Eurozone GDP Spurs Risk Aversion”
Euro Drops as Eurozone Economy Shrinks
The euro slipped today after today’s report confirmed that the eurozone economy declined last quarter, bolstering the risk aversion sentiment on the Forex market. Analysts expected that today’s report would confirm the preliminary estimate that showed the 0.3 percent decline of the eurozone economy (the gross domestic product rose 0.1 percent in the preceding quarter). The report came out and proved forecasters right. Now, traders try to avoid riskier assets … “Euro Drops as Eurozone Economy Shrinks”
UK Pound Declines against US Dollar
UK pound is declining against the US dollar today, thanks to general risk aversion weighing on high beta currencies, as well as disappointing economic data out of Great Britain. Against the euro, sterling is struggling as well, although there have been swings between gains and losses. The lastest UK housing data has been disappointing, showing that February housing prices were down 0.5% from the previous month. … “UK Pound Declines against US Dollar”
Uncertainty Sends US Dollar Higher as Risk Haven
Uncertainty is growing in global markets, and that is prompting risk aversion. The US dollar is higher in response, sought as a safe haven. Greenback is higher on prospects for slowdown on a global scale, and Greece remains a point of difficulty as speculation remains regarding Greece’s bond swap. For now, all of this means Forex traders are interested in the stability that comes with the US dollar. Greenback is on the rise today with concerns … “Uncertainty Sends US Dollar Higher as Risk Haven”