The Malaysian ringgit, together with some other Asian currencies, rose today after comments of German Chancellor Angela Merkel and US Federal Reserve Chairman Ben Bernanke boosted risk appetite among investors yesterday. Bernanke hinted that the Fed will continue to stimulate the US economy, while Merkel alleviated fears of the economic crisis in the eurozone. The comments made market participants speculate that inflows of foreign funds in Asian countries … “Ringgit Gains as Investors Bid for Higher Yield”
Month: March 2012
Yuan Appreciates as China Plans to Allow More Flexibility
The Chinese yuan advanced today as China’s President Hu Jintao assured US President Barack Obama that the country will allow a more flexible exchange rate and after the nation’s central bank set the record reference rate. The Peopleâs Bank of China set the fixing at 6.2840 yuans per dollar today. That’s the highest level since the end of the dollar-peg in 2005. The yuan is allowed to trade at the range of 0.5 percent on either side … “Yuan Appreciates as China Plans to Allow More Flexibility”
EUR/USD: Trading the US Core Durable Goods Orders
The Core Durable Goods Orders indicator measures the change in purchase orders for durable goods, excluding transportation items. A reading which is higher than the market forecast is bullish for the dollar. Here are all the details, and 5 possible outcomes for EUR/USD. Published on Wednesday at 12:30 GMT. Indicator Background Core Durable Goods is an … “EUR/USD: Trading the US Core Durable Goods Orders”
Aussie Gains as Bernanke’s Comments Boost Demand for Higher Yield
The Australian dollar gained today as Federal Reserve Chairman Ben Bernanke signaled that the US economy still needs stimulus, making investors look for higher yield and benefiting riskier assets. Bernanke said: The recent decline in the unemployment rate may reflect, at least in part, a reversal of the unusually large layoffs that occurred during late 2008 and over 2009. To the extent that this reversal has been completed, further significant improvements … “Aussie Gains as Bernanke’s Comments Boost Demand for Higher Yield”
Canada’s Dollar Gains on Comments of Bernanke & Merkel
The Canadian dollar rose today as the speech of Federal Reserve Chairman Ben Bernanke boosted stocks and commodities, while comments of Germany’s Chancellor Angela Merkel eased fears of a new spread of the financial crisis. Merkel told that Germany may support the plan to run both the temporary and the permanent bailout funds simultaneously. Bernanke explained that the unemployment level is still elevated and the need for the accommodative policy remains. The loonie gained after the Chairman’s … “Canada’s Dollar Gains on Comments of Bernanke & Merkel”
Japanese Yen Pulls Back on Higher Risk Appetite
Japanese yen is pulling back in forex trading today, heading lower as risk appetite improves. Yen is lower against other majors today as optimism about the global economy, as well as improvement in Europe, boosts high beta currencies. Right now, Forex traders seem to favor high beta currencies with higher yields right now, now that things appear to be looking up for many economies. German … “Japanese Yen Pulls Back on Higher Risk Appetite”
US Dollar Weaker on Bernanke’s Comments
US dollar, after showing some strength in earlier trading, has moved lower since Ben Bernanke‘s remarks. Bernanke’s remarks on the US economy have raised doubts about the strength of the recovery, as well as provided clues that a loose monetary policy may not be over with. This has led to a weaker greenback. Federal Reserve Chair Ben Bernanke mentioned the good news of an improving labor market in his remarks … “US Dollar Weaker on Bernanke’s Comments”
USD/JPY: Trading the US Conference Board Consumer Index March
The Conference Board Consumer Confidence Index is based on a monthly survey of about 5,000 households regarding their opinion of the economy, and its release often has a strong impact on market prices. A higher reading than the market forecast is bullish for the dollar. Here are all the details, and 5 possible outcomes for USD/JPY. … “USD/JPY: Trading the US Conference Board Consumer Index March”
Zloty Rises with Poland’s Retail Sales
The Polish zloty erased its earlier losses today after a report showed that retail sales in Poland increase more than was predicted, reinforcing optimistic outlook for the nation’s economy. Retail sales advanced 13.7 percent in February from a year ago, compared to the median forecast of 9.9 percent. The growth was highest in almost 10 months. The European Commission predicted that Poland’s economy will grow 2.5 percent this … “Zloty Rises with Poland’s Retail Sales”
Euro Falls vs. Dollar, Erases Gains vs. Yen, Investors Afraid of Debt Crisis
The euro fell against the US dollar on concerns that the debt crisis may again threaten to spread across Europe. The currency also pared its gains versus the Japanese yen, which were caused by improving business climate in Germany. Eurozone finance ministers are scheduled to meet in Copenhagen on March 30 to discuss possible methods for reinforcing financial firewall against the crisis. Italian Prime Minister Mario Monti made Forex traders … “Euro Falls vs. Dollar, Erases Gains vs. Yen, Investors Afraid of Debt Crisis”