Japanese yen is rallying against other majors today as risk aversion in the markets prompts an interest in safe haven. The yen is prized for its stability, even though it is a low yielding currency. Concerns about the eurozone are a big part of the uncertainty right now. Worries about the eurozone are dominating markets today, as the European Central Bank leaves the interest rate unchanged. Concerns about the eurozone economy are … “Japanese Yen Rallies Against Other Majors”
Month: April 2012
USD/CAD: Trading the Canadian Ivey PMI Apr 2012
The Canadian Ivey PMI (Purchasing Managers’ Index) is based on a survey of purchasing managers. Respondents are surveyed for their view of the economy and business conditions in Canada. A reading which is higher than the market forecast is bullish for the Canadian dollar. Here are all the details, and 5 possible outcomes for USD/CAD. Published on Thursday … “USD/CAD: Trading the Canadian Ivey PMI Apr 2012”
Euro Under Pressure; Now Back To 1.3000?
The Euro moved sharply lower in this week from 1.3380 area, and closed below previous 1.3250 swing. And also because of the sharp bearish price action, we came out with an idea that a recovery from 1.3000, labeled as wave (c) of 2 is finished and that market will move even deeper in days ahead; … “Euro Under Pressure; Now Back To 1.3000?”
Oanda Joins the Forex Social Space
US forex broker Oanda, one of the largest, has launched a community based forex trading platform. This space is becoming busier and busier. It includes Currensee, which is a dedicated social forex network, large forex portal Forex Factory which has added its Trade Explorer feature and eToro, a broker which has already launched its proprietary platform. … “Oanda Joins the Forex Social Space”
Euro Recovers from Earlier Pull Back
Earlier euro pulled back on uncertainty about the Federal Reserve minutes, as well as concerns about Spanish debt. As Spanish bond yields rose, the euro dropped. However, things are turning around a little bit. After pulling back, the euro is now gaining against the US dollar. Right now, European banks are delaying the necessity of dealing with potential problems, and so far these tactics are working. The euro … “Euro Recovers from Earlier Pull Back”
US Dollar Edges Higher as Traders Wait for Fed Minutes
US dollar is mixed today as traders wait for the latest minutes from the Federal Reserve meeting. The minutes of the meeting should provide some insight into what different members of the board think should happen with the economy, and might even give some clues about what could be next. For now, US dollar is mixed, trading mostly unchanged against the euro, and a little higher against the UK pound. Greenback … “US Dollar Edges Higher as Traders Wait for Fed Minutes”
USD/JPY: Trading the ADP Non-Farm Employment Change
The ADP Non-Farm Employment Change measures the change in the number of employed people in the US, excluding workers in the farming industry. A reading which is higher than the market forecast is bullish for the dollar. Here are the details and 5 possible outcomes for USD/JPY. Published on Wednesday at 12:15 GMT. Indicator Background Job creation … “USD/JPY: Trading the ADP Non-Farm Employment Change”
USD/CAD Falls as Global Economy on Track to Recovery
The Canadian dollar climbed against its US counterpart yesterday and extended the rally today on signs of the global economic recovery. The currency also advanced versus the euro, though retreated a little today, while against the Japanese yen Canada’s dollar was falling. The positive outlook for the global economy, which has appeared on the Forex market last week, continued to prevail at the beginning of this week. The expansion of China’s manufacturing alleviated fears of global economic … “USD/CAD Falls as Global Economy on Track to Recovery”
UK Pound Paring Earlier Losses on US Data
UK pound is paring earlier losses against the US dollar right now, thanks to positive data in the United States, and a return to some level of risk appetite. Manufacturing improved more than expected, and US stocks are gaining right now, lending support to the sterling. While UK pound is still down on the day, better news in the United States is helping the sterling regain some of its strength. Earlier, a lot … “UK Pound Paring Earlier Losses on US Data”
Won Climbs as Moody’s Changes Outlook to Positive
The South Korean won climbed today as trade balance of South Korea posted a surplus and Moody’s Investors Service improved outlook for the nation’s economy to positive. Moody’s changed Korea’s government bond rating to positive from stable. The rating agency cited reasons for its decision: 1. The sovereign’s very strong and improving fiscal fundamentals 2. The resilience evident in the country’s external financing position 3. The reduction in the banking sector’s level of external vulnerability … “Won Climbs as Moody’s Changes Outlook to Positive”