The Great Britain pound declined after a report showed that confidence of Britons worsened last month, spurring speculation that the Bank of England will be forced to perform quantitative easing. Nationwide Building Society reported that the Consumer Confidence Index fell from 53 in March to 44 in April. Estimates before the report predicted the index to remain stable at 52. Robert Gardner, Nationwideâs Chief Economist, said: It is not … “Pound Drops as Consumer Confidence Worsens”
Month: May 2012
Ruble Follows Oil Price in Decline, Rebounds
The Russian ruble fell today, before rebounding later, as prices for crude oil, the chief export of the country, declined, resulting in a drop of the trade balance surplus. Crude oil prices fell 0.2 percent to $96.86 per barrel in New York today, heading for a second weekly drop. The prices were under pressure from swelling US stockpiles and the European credit crisis. Russiaâs trade surplus shrank to $19.4 billion in March from $20.3 … “Ruble Follows Oil Price in Decline, Rebounds”
Canadian Dollar Gets Boost on Employment Gains
Canadian dollar is getting a boost today against the US dollar as employment news turns out more positive than expected. Loonie is higher against its US counterpart on the good news, even as risk aversion in general weighs on other high beta currencies. Canadian dollar is heading higher today, thanks to a strong employment report. According to Statistics Canada, employment rose to 58,200 in April. This came on the heels … “Canadian Dollar Gets Boost on Employment Gains”
Euro Falls as Greece Continues to Wrangle
Greek political leaders continue to wrangle in an effort to form a government, and that is weighing on the euro, especially against the US dollar. Yesterday, the euro showed some spunk, and riskier assets received a bit of a boost. Today, though, risk aversion is back in full force over Greece, and over the latest news from JP Morgan Chase. In Greece, the political wrangling continues. Political leaders differ on what they think will happen, … “Euro Falls as Greece Continues to Wrangle”
OANDA Europe Launches Forex Social Network
The forex social network scene is certainly heating up. The largest broker in the US , OANDA, launches a social platform named fxUnity in Europe. A very interesting feature is an “Undo” button – traders can cancel their orders within 10 seconds after submitting a trade. The platform consists of the “copy trade” button. Is this feature … “OANDA Europe Launches Forex Social Network”
Indonesia Rupiah Advances as Intervention Anticipated
The Indonesia rupiah advanced today on speculation that the nation’s central bank will intervene, buying the currency, to reduce currency volatility and slow growth of consumer prices. Analysts speculate that the Bank Indonesia may boost its interest rates after keeping them unchanged on the last policy meeting. The bank may do so to keep inflation in check after it jumped the highest level in seven months. Indonesia’s central bank may … “Indonesia Rupiah Advances as Intervention Anticipated”
India’s Central Bank Supports Rupee
The Indian rupee rallied today as the Reserve Bank of India took measures to support the currency that has been performing very badly. The central bank decrease the amount of foreign currency companies may hold. The RBI announced that companies may keep only 50 percent of their profits in foreign currency, down from 100 percent, while other half should be exchanged to the domestic currency. This measure should bolster … “India’s Central Bank Supports Rupee”
Loonie Looks Stronger, Employment Data May Weaken Currency
The Canadian dollar gained today as Forex traders showed risk appetite on signs that the situation in Greece is improving and some positive data from the United States. The gains of the currency were limited as tomorrow’s employment data is expected to be rather poor. European politicians confirmed that Greece is receiving a next round of bailout. There are speculations that the most-indebted European country made progress in forming a new government. … “Loonie Looks Stronger, Employment Data May Weaken Currency”
Aussie Rallies on Surprisingly Good Employment Data
Australia’s employment data made a pleasant surprise for those Forex traders that were bullish on the Australian dollar as employment unexpectedly grew and the unemployment rate fell. The number of employed persons in Australia rose by 15,500 in April from March, while analysts expected a drop by 4,800. The unemployment rate slipped from 5.2 percent to 4.9 percent, even though an increase to 5.3 percent was predicted. The Australian currency is still pressed by negative … “Aussie Rallies on Surprisingly Good Employment Data”
Bank of England Avoids Quantitative Easing, Pound Profits
The Bank of England refrained from easing the monetary policy at today’s meeting, causing the Great Britain pound to climb. The United Kingdom still suffers from the double-dip recession and it is questionable whether the currency could maintain its gains. The BoE held its key interest rate at 0.5 percent and the asset purchase facility at £325 billion. The bank’s decision was likely caused by fears that excessive easing may lead to a surge … “Bank of England Avoids Quantitative Easing, Pound Profits”