Canadian dollar is struggling today, especially against the US dollar, as concerns in Europe, as well as uncertainties elsewhere weigh on riskier assets. As equity markets fall, and commodities pull back, high beta currencies like the loonie are headed lower. Earlier, Canadian dollar had some success against the US dollar, but there is just too much going on right now for high beta currencies like the loonie to maintain … “Loonie Drops as High Beta Currencies Fall”
Month: June 2012
US Dollar Higher as Uncertainty Abounds
It’s all about the uncertainty today, giving the US dollar a boost as Forex traders nervously await a number of outcomes. From the Supreme Court’s ruling on the health care reform bill, to the EU summit underway in Europe, to concerns about how the losses from JP Morgan Chase’s “London Whale” are ballooning, it is little surprise that it’s all about the safe haven today. Greenback is up against high … “US Dollar Higher as Uncertainty Abounds”
USD/CAD: Trading the Canadian GDP Jun 2012
The Gross Domestic Product (GDP) is a measurement of the production and growth of the economy, and analysts consider GDP one the most important indicators of economic activity. A reading which is higher than the market forecast is bullish for the Canadian dollar. Here are all the details, and 5 possible outcomes for USD/CAD. Published on … “USD/CAD: Trading the Canadian GDP Jun 2012”
Koruna Falls Amid Speculations About Interest Rate Cut
The Czech koruna fell today on speculations that the nation’s central bank would cut interest rates as problems in the European Union led to a recession in the Czech Republic. The Czech economy is strongly dependent on economies of other European countries (not a surprise for a country which is a part of the European Union) and therefore the problems of the eurozone had a big negative impact on country’s economic growth. Many important indicators, including retail sales, consumer confidence … “Koruna Falls Amid Speculations About Interest Rate Cut”
Yuan Fluctuates on Mixed Fundamentals
The Chinese yuan fluctuated today as positive and negative fundamental effects were battling each other in an attempt to influence the currency, which trades in a range set by the nation’s central bank. The Peopleâs Bank of China set its reference rate 0.03 percent lower at 6.3190 per dollar, but that is still 0.6 percent above yesterdayâs closing price. The uncertainty about the outcome of the European summit reduces demand for riskier currencies. At the same … “Yuan Fluctuates on Mixed Fundamentals”
Loonie Gains vs. Greenback at Start of Trading, Can It Keep Gains?
The Canadian dollar was stronger against its US peer at the first hours of today’s trading session, but Forex market participants are not sure whether the currency would be able to keep the positive performance in light of uncertainty caused by today’s meeting of European leaders. The Canadian currency gained against the US dollar today, following yesterday’s losses. It pared the gains of the previous session versus the euro. The loonie was basically … “Loonie Gains vs. Greenback at Start of Trading, Can It Keep Gains?”
Euro Mixed as Traders Feel Uncertainty Ahead of EU Summit
The euro showed a mixed performance ahead of the EU summit. It rose against the Great Britain pound, fell versus the US dollar, before rebounding later, and stayed flat against the Japanese, showing that traders are uncertain about the way the currency would go. Spain’s budget deficit was 3.41 percent of country’s gross domestic product, being below the annual target of 3.5 percent. Deputy Budget Minister Marta Fernandez … “Euro Mixed as Traders Feel Uncertainty Ahead of EU Summit”
NZ Dollar Erases Losses Despite Pessimism of Traders
The New Zealand dollar advanced today, erasing its previous losses. The currency declined earlier as the trade balance surplus shrank last month and skepticism about the coming EU summit reduced demand for currencies with higher yield. The New Zealand trade balance posted a surplus of NZ$301 million in May. The reading was in line with analysts’ expectations. That was a decrease from the March value of NZ$335 million. The meeting of European leaders … “NZ Dollar Erases Losses Despite Pessimism of Traders”
Rand Fluctuates on Interest Rate Speculations
The South African rand fluctuated today between gains and losses on speculations that the nation’s central bank may decrease interest rates to boost slowing economic growth of South Africa. South African Finance Minister Pravin Gordhan warned that downside risks for the country’s growth increased. Gordhan claimed that the government would do its best to attract investment and rein a budget shortage. President Jacob Zuma called for “dramatic” policy … “Rand Fluctuates on Interest Rate Speculations”
UK Pound Falls on Home Prices
UK pound is struggling today, heading lower against its major counterparts. There is a lot weighing on the pound, from the fact that the London Olympics have failed to support home prices, to speculation that the yuan will undergo a great deal of depreciation during the rest of this year and possibly next year. The UK pound is especially sensitive to the British housing market, and with the concerns over home prices, it … “UK Pound Falls on Home Prices”