UK pound is struggling today, dropping as disappointing manufacturing data reduces confidence in the currency. Sterling would have struggled anyway, thanks to the general risk aversion today, but the news specifically out of the United Kingdom is adding its own layer of difficulty; indeed, even the euro is gaining against the pound. The latest data show that manufacturing performance in the United Kingdom contracted a great deal in May. April’s PMI … “UK Pound Falls on Disappointing Manufacturing Data”
Month: June 2012
NZ Dollar Declines as China PMI Falls Below Expectations, Rebounds
The New Zealand dollar fell to the lowest level this year against its US counterpart and the Japanese yen today after a report showed that China’s manufacturing sector slowed more than was anticipated by analysts. At present, the currency managed to rebound. China Federation of Logistics and Purchasing reported that Purchasing Managers’ Index dropped from 53.3 in April to 50.4 in May. The median estimate of economists was 52.1. China is the second-biggest … “NZ Dollar Declines as China PMI Falls Below Expectations, Rebounds”
Spain’s Banking Sector Weighs on Euro
Spain’s banking sector is driving the euro lower as Forex traders worry about the pressure being put on the 17-nation currency. Spaniards are sending money abroad, creating a bank run, and that is only making things worse for the financial sector. It’s not helping that there are still uncertainties over Greece, and in The Netherlands an anti-euro party is campaigning hard ahead of fall elections. The entire eurozone is in disarray, … “Spain’s Banking Sector Weighs on Euro”
Australian Dollar Reaches Six-Month Low
The Australian dollar fell today, following yesterday’s drop to the six-month low against the US dollar and the Japanese yen, as signs of slowing economic growth in the United States added to worries caused by the European crisis. US gross domestic product rose 1.9 percent in the first quarter of 2012, according to the preliminary estimate, following the 3.0 percent advance in the fourth quarter of 2011. Signs of slowdown in the USA hurt traders’ mood that was already downbeat … “Australian Dollar Reaches Six-Month Low”