The Canadian dollar slipped to the four-month low against its US counterpart and the three-month low versus the Japanese yen. The currency gained against the euro and the Australian dollar. Interestingly enough, traders were scared by the meeting of European chiefs in Brussels tonight. Previously, the European Union summits were a source of optimism for market participants, but it looks like now people just get tired from empty promises and do not believe that … “CAD Reaches Four-Month Low vs. USD”
Month: May 2012
EUR/USD Breaks 1.26 Level, Traders Running from Euro
The euro fell below the 1.26 level against the US dollar, reaching lowest level since July 2010. That level was considered to provide strong support to the shared 17-nation currency and, now that the support line is broken, traders are afraid that the currency would spiral down to even lower price. The members of the European Union are meeting at summit today, but most analysts and traders are pessimistic … “EUR/USD Breaks 1.26 Level, Traders Running from Euro”
Rand Slides to This Year’s Low as CPI Below Expectations
The South African rand slumped against the US dollar today to the lowest level this year as slower-than-expected growth of consumer prices triggered speculations that the nation’s central bank would refrain from raising interest rates. South Africa’s inflations accelerated to 6.1 percent in April from 6 percent in March. That was the first increase in three months, which is not bad, but still below analysts’ expectations of 6.2 … “Rand Slides to This Year’s Low as CPI Below Expectations”
FX Solutions Awarded 3 Times at Middle Eastern Expos
Forex broker FX Solutions received 3 significant awards in two separate Middle Eastern events. Two awards were won in Jordan and one in Saudi Arabia. In the interview I had with Michael Cairns, CEO of FX Solutions, he mentioned growth in Middle East operations. The titles are “Best Forex Broker of the Year”, “Best Trading … “FX Solutions Awarded 3 Times at Middle Eastern Expos”
Euro Tanks as Greece Exit Considered More Likely
Euro is tanking today, heading lower as speculation about a Greek exit of the eurozone increases. Indeed, some think that there is a real threat for Greek withdrawal — and that such a withdrawal could prompt a domino effect that includes Spain and Italy later. Worries about what’s next for the eurozone are sending the 17-nation currency down across the board. Recently, former Greek Prime Minister Lucas Papademos insisted … “Euro Tanks as Greece Exit Considered More Likely”
Bank of Japan Inaction Helps Yen
The Bank of Japan decided against taking any more action to ease at this time, and that is helping the Japanese yen. Forex traders had been expecting the Bank of Japan to ease further, in an attempt to keep the yen weak, but the BOJ offered something of a surprise following the recent downgrade by Fitch. Citing faster economic growth, Bank of Japan officials decided to forgo additional easing measures during the most recent BOJ policy … “Bank of Japan Inaction Helps Yen”
Pound Drops After BoE Releases Minutes of Monetary Policy Meeting
The Great Britain pound dropped today, reaching the lowest level in a month against the US dollar and the lowest in two months versus the Japanese yen, after the minutes of the central bank’s monetary policy meeting were released. The minutes showed that the policy makers of the Bank of England were considering additional stimulus. They cited risks associated with the European crisis as threats to the economy. Additionally, uncertain prospects for economic growth were also considered … “Pound Drops After BoE Releases Minutes of Monetary Policy Meeting”
OANDA has a New CEO: K Duker
The largest forex broker in the US, Oanda, has a new CEO: K. Duker. He replaces long running CEO Michael Stumm after 14 years in this position. Stumm remains on the board. The move is effective immediately. Duker’s expertise is in the Asia-Pacific region, where he worked as a managing director for OANDA and beforehand has the … “OANDA has a New CEO: K Duker”
GBP/USD: Trading the British GDP
The British Gross Domestic Product (GDP) provides a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity. A reading which is higher than the market forecast is bullish for the British pound. Here are all the details, and 5 possible outcomes for GBP/USD. Published on Thursday … “GBP/USD: Trading the British GDP”
AUD/USD Reaches This Year’s Low
The Australian dollar continued its tumble today, reaching the lowest level this year against the US dollar, as adverse market sentiment and the interest rate cut earlier this month are still driving forces that push the currency down. Europe is hurting risk sentiment and, as a result, riskier currencies, the Aussie (as the Australian currency is nicknamed) among them. The general uncertainty about the future also hurts commodities. The Australian … “AUD/USD Reaches This Year’s Low”