The Canadian dollar weakened today as prices for crude oil declined, while the market sentiment was not supportive for riskier currencies. Against the euro, the Canadian currency was rising. Futures on crude oil fell as much as 2.5 percent to $83.65 per barrel on NYMEX today. Crude dropped on fears that the crisis in Europe and its negative impact on the global economy would persist. Yesterday, oil climbed on concerns that a strike would halt … “Canadian Dollar Drops on Falling Prices for Crude & Corporate Earnings”
Month: July 2012
US Dollar Retains Upper Hand
US dollar is retaining the upper hand in trading today, as uncertainty remains. Concerns about the eurozone remain, even after the announcement of the Spanish bailout. While US dollar has pared some of its gains, it is still retaining a lot of its strength, especially against the European currencies. Some of the dollar’s earlier gains have been pared today, but there are still plenty of barriers to risk appetite, and that … “US Dollar Retains Upper Hand”
Euro Remains Lower, Even After Spanish Bailout
A Spanish bailout has been agreed to, with eurozone leaders providing 30 billion euros by the end of July. On top of that Spain has until 2014 to meet its deficit reduction target. The news, while it has helped bolster stocks, hasn’t given the euro much of a boost. Euro remains lower against the US dollar as other issues take precedence. While eurozone leaders have agreed to bail out … “Euro Remains Lower, Even After Spanish Bailout”
US Unemployment – Not Only Wide, But Also Deep, Very
When discussing the economic situation in any country, the official unemployment is the key number. In the US, the unemployment rate stands on 8.2% for a few months. However, this number doesn’t tell the full story. The time that people are out of work has a long term impact on the economy. The unemployment rate … “US Unemployment – Not Only Wide, But Also Deep, Very”
Pound Gains vs. Euro on Manufacturing Data, Falls vs. Dollar
The Great Britain pound rose against the euro today as positive macroeconomic reports, including the unexpectedly good data about manufacturing and industrial production, increased appeal of the currency. The sterling was down versus the US dollar, erasing its previous gains. Manufacturing production rose 1.2 percent and industrial production increased 1.0 percent in May from April, while little change was expected. The trade balance deficit (seasonally adjusted) fell … “Pound Gains vs. Euro on Manufacturing Data, Falls vs. Dollar”
Slovenia Doesn’t Need a Bailout, as Long as the Mood
Talks about a bailout for Slovenia have been circling in the markets, and have been denied at the recent Eurogroup meeting. Given past declarations, denials meant that a bailout is imminent. However, looking at Slovenia, the situation there isn’t that bad. What could lead the country to the hands of the troika would be a … “Slovenia Doesn’t Need a Bailout, as Long as the Mood”
Aussie Weakens Ahead of Employment Report, Pares Losses
The Australian dollar dropped today ahead of the employment report later this week. The report is expected to be rather bad and the resulting pessimism added to the general negative mood on the Forex market that was caused by fears of global economic slowdown. Yet the Australian currency managed to rebound after the initial losses. Analysts estimated, before the report from the Australian Bureau of Statistics that will be released on July 12, that Australia’s … “Aussie Weakens Ahead of Employment Report, Pares Losses”
What Can Forex Traders Learn from Mitt Romney’s Positions?
According to a fresh investigation by Vanity Fair, US presidential candidate Mitt Romney has $3 million in a Swiss bank account. This is not his only foreign account: Romney has accounts also in the Cayman Islands and Bermuda. Romney was a successful businessman, so perhaps his actions point to where the dollar is going. From … “What Can Forex Traders Learn from Mitt Romney’s Positions?”
Ruble Falls, Pares Decline
The Russian ruble fell today as the negative sentiment among Forex traders damped demand for the risky currency, but it rebounded at present as risk appetite slowly returns to investors. The ruble dropped today as signs of economic slowdown infused fear in FX market participants. It looks like willingness to risk made an appearance again on the markets. Still, it is too early to say that a full-fledged risk appetite returned traders. USD/RUB … “Ruble Falls, Pares Decline”
Yen Climbs on Poor Fundamentals, Retreats
The Japanese yen fell today, erasing its previous gains. Earlier, the currency climbed as poor fundamental data from Asian nations spurred the risk aversion sentiment on the Forex market. China’s Producer Price Index fell 2.1 percent year-on-year and 0.7 percent month-on-month. Inflation slowed from 3.0 percent to 2.2 percent in June. Japan’s machinery orders fell 14.8 percent in May from the previous month on a seasonally adjusted basis, … “Yen Climbs on Poor Fundamentals, Retreats”