Right now, the Canadian dollar is seeing gains against nearly all of its major counterparts as the Bank of Canada comes out sounding a bit hawkish. Loonie is finding support in general risk appetite as well, and receiving some help from higher oil prices. Everything seems to be going right for the Canadian dollar today. The BOC came out and said that putting a stop to stimulus measures might be a priority, … “Bank of Canada Comments Send Loonie Higher”
Month: April 2012
Euro Lower Against Many Counterparts
Euro is lower against many of its counterparts today, dropping as concerns about the European debt situation continue to dominate the news. Spain is expected to auction off bonds today, and there are concerns about climbing yields. Additionally, there are expectations of a drop in investor confidence in Germany. Concerns about the eurozone are dominating news today as Forex traders consider that the sovereign debt situation might be contagious. … “Euro Lower Against Many Counterparts”
Weaker Euro Can Help Spain Fight Unemployment
Spain has the highest unemployment rate in the euro-zone 23.6% according to the latest data with more than double for younger workers. Many multinational companies have a presence in Spain, but so far this doesn’t help battle the high unemployment. Perhaps a lower euro can help? Foreign Presence The unemployment picture is quite different for … “Weaker Euro Can Help Spain Fight Unemployment”
MetaTrader 4 Trading Platform Now Available for Android Users
As smartphones are becoming more and more popular, so are forex trading applications. Metaquotes, which makes the popular MetaTrader platform, announces the launch of an Android application. The app supports 570 servers of brokers and has the same wide functionality as the iPhone application launched recently. It will be interesting to see if other providers … “MetaTrader 4 Trading Platform Now Available for Android Users”
US Dollar Heads Higher on Spanish Concerns
Once again, the US dollar index is heading higher, gaining as concerns about what’s happening in the eurozone take precedence over much else. Greenback is also getting help from the fact that the US economy seems ready to recover better than the eurozone economy right now. US dollar is higher against European currencies today, gaining against the euro and the pound. The economic situation in the United States is … “US Dollar Heads Higher on Spanish Concerns”
China Gives Yuan a Little More Room to Float
For years, other countries have been asking China to let the yuan, also called then renminbi, to float more freely on the currency market. It appears that China is doing that now, with an announcement that the yuan will be allowed to float more freely against the US dollar. China announced that it will allow the yuan to float a little more freely against the US dollar, allowing the currency … “China Gives Yuan a Little More Room to Float”
USD/JPY: Trading US Building Permits
The US Building Permits indicator, released monthly, measures the number of new residential permits issued. It provides analysts with important data about consumer demand as well as activity in the construction sector. A higher reading than the market prediction is bullish for the dollar. Here are all the details, and 5 possible outcomes for USD/JPY. Published on Tuesday … “USD/JPY: Trading US Building Permits”
Tradeo’s Forex Social Network Connects Currency Traders
Tradeo launched its social network for forex traders and it opens up the collective knowledge of a community of currency traders. The community can then make decisions based on that collective wisdom in real time. The company already has agreements with forex brokers, allowing special deals and offers. Gigi Levy, which was the CEO of 888 … “Tradeo’s Forex Social Network Connects Currency Traders”
Second Week of Gains for Yen
The Japanese yen gained for the second week as risk aversion sentiment prevailed on the Forex market, while the Bank of Japan refrained from easing its monetary policy despite its promises. The BoJ left its interest rates and asset-purchase program unchanged for the second time at its meeting on April 10. Such decision left frustrated those traders who expected the Bank to intervene. Still the central bank signaled that it’s going to “pursue … “Second Week of Gains for Yen”
Australian Dollar Falls, China to Blame
The Australian dollar fell as signs of economic slowdown in China spooked Forex traders, causing concerns that demand for assets of the South Pacific nations will decline. The currency closed higher against the euro. China’s economic growth slowed, reducing attractiveness of growth-related assets. China is a major trading partner of many commodity-exporting countries, Australia among them. Sue Trinh, a senior foreign-exchange strategist at Royal Bank of Canada, commented on the market reaction to the slowdown … “Australian Dollar Falls, China to Blame”