The Chinese yuan weakened a little today as the crisis in Europe reduced attractiveness of emerging markets’ assets and as China’s central bank lowered reference rate. New elections in Greece may be held as soon as June 10, adding to uncertainty about the situation in the European Union. China’s slowing growth also damp demand for the nation’s currency. The Peopleâs Bank of China set the fixing 0.15 percent lower at 6.3205. The yuan is allowed to trade 1 … “Chinese Yuan Falls as Greece Damps Demand for Riskier Assets”
Month: May 2012
Greece Has Mixed Impact on Canada’s Currency
The Canadian dollar advanced today against the euro as the political turmoil in Greece made traders flee from the shared European currency. The loonie also rose a little versus the Japanese yen, but fell against the US dollar. The current situation in Greece is a mixed blessing for the Canadian currency. Forex traders seek stable and safe currencies as they run from the euro and associated risks. The Canadian dollar is a good choice as it is … “Greece Has Mixed Impact on Canada’s Currency”
USD/JPY: Trading the Japanese GDP
The Gross Domestic Product (GDP) measures production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the Japanese yen. Here are all the details, and 5 possible outcomes for USD/JPY. Published on Wednesday at 23:50 GMT. Indicator Background … “USD/JPY: Trading the Japanese GDP”
Australian Dollar Retreats as Fears of European Crisis Grip FX Market
The Australian dollar gained today on speculation that its previous losses were excessive. The currency trimmed gains versus the Japanese yen and fell against the US dollar as fears of the European crisis returned to Forex traders. FX traders felt risk appetite for a short time after a report showing growth of the German economy. The positive mood was short-lived, though, and currently speculators feel aversion to risk. Talks that Greece may leave … “Australian Dollar Retreats as Fears of European Crisis Grip FX Market”
Grexit Effects on Euro Could be Limited Without Contagion
A Greek exit of the euro-zone is uncharted territory and would certainly hurt the euro. Yet without contagion to other countries, the situation could improve for the common currency, says John Kicklighter of DailyFx. In the interview below, Kicklighter analyzes the situation in the euro-zone, the implications on the EUR/CHF peg, the fortunes of the … “Grexit Effects on Euro Could be Limited Without Contagion”
GDP/USD: Trading the British Claimant Count Change May 2012
The UK Claimant Count Change measures the change in the number of people claiming unemployment benefits. Along with the Unemployment Rate indicator, which is released at the same time, it provides a snapshot of the employment market in the UK. A reading which is higher than the market forecast is bearish for the pound. Here are the details … “GDP/USD: Trading the British Claimant Count Change May 2012”
NZ Dollar Erases Year’s Gains vs. US Dollar, Falls vs. Euro
The New Zealand headed to the lowest level this year against the euro as Germany’s economic growth boosted the shared 17-nation currency. The kiwi erased this year’s gains against the US dollar. The New Zealand currency was weaker against the euro after a report showed that Germany avoided recession. The good news should have helped the kiwi (as the currency is usually nicknamed) against the greenback, but that did not happen. … “NZ Dollar Erases Year’s Gains vs. US Dollar, Falls vs. Euro”
US Dollar Gaining Ground
US dollar is gaining ground after pulling back against the euro earlier. Greenback is now gaining the upper hand against many of its major counterparts. Risk appetite is fading, even with the latest German GDP news, and the US dollar is beginning to eke out some gains against other major currencies. Earlier, the US dollar pulled back against the euro as better data out of Germany … “US Dollar Gaining Ground”
UK Pound Drops Against Stronger Euro
UK pound is declining today, especially against the euro, as the latest news indicates that the eurozone is likely to avoid a recession. The pullback in the pound is not limited to its performance against the euro, though. The British currency is also down against the US dollar as Forex traders re-evaluate recent gains made by the pound. UK pound is lower against the euro mainly due to the latest economic news out of Germany. … “UK Pound Drops Against Stronger Euro”
Euro Rebounds on Germany’s GDP
The euro rose today, rebounding from the lowest level in several months, as Germany’s economy grew last quarter, easing worries about the negative impact that the credit crisis has on the eurozone economy. Gross domestic product of the eurozone biggest economy rose 0.5 percent last quarter, according to the preliminary estimate, compared to the consensus forecast of just a 0.1 percent increase. GDP fell 0.2 percent in the previous quarter, sparking fears that … “Euro Rebounds on Germany’s GDP”